Pitfalls for Property Owners

Don't Let Liens Ruin Your Credit

Imagine it: Your dream has become a reality. You have paid off your mortgage. No more payments every month to a mortgage lender. You now own your own property. Or imagine that you have refinanced your property, and more money is now available every month.

Not so fast. In Missouri, there are a few extra hoops to jump through to get that mythical document known as your deed of final release sent to you or your new mortgage company.

● Once you have paid your final payment, you must request from your mortgage holder a deed of release.

● If the mortgage holder fails to send you your deed of release within forty-five (45) days you can recover damages.

● Damages include the lessor of three hundred dollars a day for each day after the

forty-fifth (45^th) day, or ten percent of the amount of the security instrument,

plus court costs and attorney’s fees.

● To recover damages, you must prove the debt was paid, that the release

was demanded, and that the costs of recording the release was tendered.

Said costs refer to the Recorder of Deeds’ fee for releasing the deed of

trust to your property.

HOW CAN YOU FIND OUT HOW TO AVOID THIS?

Ask your mortgage company about their procedure for recording deeds of release.

Remember to follow up about your deed of release. Your new mortgage company may not automatically ask for it and your old mortgage company may not automatically send it. You may have to do this work yourself.

Remember, we cannot give you legal advice on your particular situation. Call your current mortgage company and see how they handle releasing deeds and to discuss how to avoid any other pitfalls.

This month the Virtual Coffee Break has highlighted The Carson Law Firm’s attorneys, Leigh Joy Carson and Molly Murphy, for this information. The above information is based on RSMo §443.130.

The Carson Law Firm: Family Law Attorneys -- Serving St. Louis Families for Over a Decade

Send mail to familylawinfo@thecarsonlawfirm.com with questions or comments about this web site.

This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Persons accessing this site are encouraged to seek counsel for advice regarding their individual legal issues.

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