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?