Legal Question in Real Estate Law in Florida

I am trying to sell my home and my buyers title company has encountered the following:

A preliminary review of title has been done and there is a problem with an old mortgage which may not have been satisfied. The Fund will not allow me to close until this issue is resolved either by providing me with a payoff estoppels or with a satisfaction of mortgage.

The mortgage, given by one of the prior owners in the chain of title, to the SBA was recorded on 12/2/1992 in O.R. Book 15730, Page 3764 (30 year mortgage). There appears a “cancellation of mortgage” dated 12/21/1993 but not recorded until 5/2/1994 (This appears in O.R. Book 16342, Page 3334). Then 8 years later an assignment of mortgage appears for this very same mortgage from SBA to MERS. The assignment is recorded 03/27/2002 in O.R. Book 20291, Page 4022.

I contacted the owner of my home during this time and she has said the title is clear and there should be no issues.

What can I do to get this cleared right away?

Thanks,

Jocelyn Thelen

786-374-8267

[email protected]

Asked on 11/28/12, 4:09 pm

2 Answers from Attorneys

David Slater David P. Slater, Esq.
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Get copies of the cancellation and the assignment and then contact the parties to the assignment to find out why they filed it.

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Answered on 11/28/12, 5:06 pm
Alterraon Phillips APLaw, LLC
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It sounds like the issue occurred with the owner of the home prior to you. If so, and you purchased title insurance when you purchased the home; contact your title insurance company to resolve.

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Answered on 11/28/12, 8:44 pm

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