Showing posts with label Mortgage. Show all posts
Showing posts with label Mortgage. Show all posts

Tuesday, June 7, 2022

Challenged to bring food home, or to meet your mortgage payment, there is help

Food Pantry's can help 

"Nearly a third of Massachusetts adults are struggling to get enough to eat as the economic pressures of the COVID-19 pandemic continue to batter household budgets.

At least 1.8 million people — or 32 percent of the state’s adult population — are food-insecure, a new survey from the Greater Boston Food Bank found. The burden lies most heavily on Black and Latinx communities and families with children.

It’s “a frightening statistic,” said GBFB CEO Catherine D’Amato. “We’ve worked with much better numbers in years past.”
Continue reading the Boston Globe article online 

Mortgage Assistance
As day-to-day administrators & marketers of MA's Homeowner Assistance Fund, MHP & know spreading the word is key to helping people who need mortgage help due to #COVID-19. The wrote about #MassHAF.  
Please share. bit.ly/3tcXT04 #housingassistance
meet your mortgage payment, there is help
meet your mortgage payment, there is help

Shared from Twitter ->  https://twitter.com/mhphousing/status/1533780993726943234

Monday, June 14, 2021

Register O’Donnell Reminds Homeowners of Need to File Mortgage Discharges with this Increased Real Estate Activity

The Norfolk Registry of Deeds even during this COVID-19 pandemic has been very busy recording land documents.  In calendar year 2020 there were over 179,000 documents recorded at the Norfolk Registry of Deeds which was a nineteen (19%) percent increase over the year before.  A sizeable portion of this document volume were the 45,669 mortgages recorded representing a fifty-four (54%) percent increase in calendar year 2020 over 2019. 

This growth has continued into calendar year 2021.  During the five-month period from January 1, 2021 to May 31, 2021 there were 85,046 documents recorded at the Norfolk Registry of Deeds which is a forty-four (44%) percent increase over the same time period in 2020.  A big part of this document volume was the 22,045 mortgages recorded.  This represents a forty-nine (49%) percent increase in filed mortgages in this five-month period in calendar year 2021 over the same period in 2020.
 
Given this huge increase in mortgage activity Register of Deeds William P. O’Donnell advises Norfolk County homeowners about the need to file a mortgage discharge after their mortgage has been paid off.
 
Register O’Donnell stated, “As consumers we all need to borrow money.  There are many reasons why consumers borrow money- to purchase a house, to make home improvements or to help pay for ever increasing tuition payments of our children.  The borrowing of money involving real estate leads to a mortgage being recorded against the title of that real estate.”
 
Register O’Donnell stated, “When a mortgage has been paid off, a mortgage discharge document needs to be recorded with the Registry of Deeds to clear a homeowner’s property title relative to that loan. This is particularly important in light of the thousands of homeowners who have been taking advantage of historically low interest rates to refinance their mortgages. It should be noted a discharge is a document (typically one-two pages) issued by the lender, usually with a title such as “Discharge of Mortgage” or “Satisfaction of Mortgage”.  During this busy period of refinancing your old mortgages are being paid off.  As a consumer you want to make sure a discharge has been recorded at the Registry of Deeds which tells the world that that mortgage has been paid off.”
 
“In some instances,” noted the Register, “mortgage discharges are filed directly by banks or settlement closing attorneys with the Registry as part of a property sale or as a result of a refinancing transaction. In other cases, the mortgage discharge is sent to the property owner who then becomes responsible for making sure the document is recorded. Whether or not the mortgage discharge is recorded by the lending institution or the individual property owner, it is imperative that the property owner makes sure all necessary documents have been recorded at the Registry of Deeds.”
 
“If you are looking to check your title and make sure all your mortgages have been properly discharged, Norfolk County homeowners can access the Registry’s online records at www.norfolkdeeds.org. By going to the Online Research section of our website, you can verify that all mortgages associated with the property have been discharged. Please remember not having a mortgage discharged will result in a title issue and thereby impact the process of selling one’s home,” noted O’Donnell. 
 
The Register further noted that there have been cases where no discharge has been recorded against a long paid off mortgage. “Unfortunately, some of the lending institutions that provided funds for these mortgages are no longer in existence. In other cases, financial entities have merged with another lending institution.”
 
If a property owner needs to retrieve an original discharge of a mortgage and is unclear which lending institution is now responsible for providing the document, an option is to contact the Massachusetts Division of Banks at 1-800-495-2265 x-1 and then x-61501. Another option is to access the Federal Deposit Insurance Corporation website www.fdic.gov. Then find the BankFind tab approximately half way down the home page, put in the lending institution in question, then click on the lending institution link and you will be able to determine who has responsibility for the mortgage. 
 
When recording a mortgage discharge, the original document is required. The Registry of Deeds by law cannot accept photo copies or faxed copies of documents. The filing fee, set by state statute, is $106.00.
 
In conclusion, Register O’Donnell stated, “After paying off all the mortgages on their property, homeowners want to know they have clear title to their property, especially if they are contemplating selling. Knowing what steps need to be taken to ensure all paid off mortgages have been properly discharged will go a long way in giving the homeowner assurances that they have clear title to their property. I cannot emphasize enough how important it is that homeowners make sure their mortgage discharge has been filed with the Registry of Deeds once their mortgage has been paid off.”
 
The Norfolk County Registry of Deeds is staffed with a team of customer service representatives who can be reached Monday through Friday, 8:30AM-4:30PM at 781-461-6101. These representatives have been trained in researching documents and are well versed on the subject of mortgage discharges and what, if necessary, needs to be done to clear title to a property.
 
To learn more about these and other Registry of Deeds events and initiatives like us at facebook.com/NorfolkDeeds or follow us on twitter.com/NorfolkDeeds and instagram.com/NorfolkDeeds.
 
The Norfolk County Registry of Deeds is located at 649 High Street in Dedham.  The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information.  All land record research information can be found on the Registry’s website www.norfolkdeeds.org.  Residents in need of assistance can contact the Registry of Deeds Customer Service Center via telephone at (781) 461-6101, or email us at registerodonnell@norfolkdeeds.org.

Reminds Homeowners of Need to File Mortgage Discharges
Reminds Homeowners of Need to File Mortgage Discharges


Monday, December 21, 2020

Register O’Donnell Discusses Need for Mortgage Transparency

 With the legislative session winding down, Norfolk County Register of Deeds William P. O’Donnell reiterated the importance he places on pending legislation to promote mortgage transparency here in Massachusetts. 

At the beginning of 2019, Register O’Donnell had two bills filed, H.1413 and S.960, which stated that when banks sold their residential mortgages to a different lending institution, that transaction, or assignment, would be required to be recorded with the relevant Massachusetts Registry of Deeds office within 30 days of its execution. 

“During the most recent legislative session,” noted O’Donnell, “both H.1413 and S.960 wound their way through the legislative process. After both pieces of legislation were filed with the Massachusetts House and Senate Clerks offices by lead sponsors Rep. William Galvin (D-Canton) and Sen. John Keenan (D-Quincy)  respectively and given a docket number, dozens of other state representatives and senators signed up as co-sponsors.  The clerks offices then gave each piece of legislation a bill number (H. 1413 and S.960). Then each bill was assigned to the Joint Committee on the Judiciary for further consideration. A public hearing on the legislation was then held where I provided arguments for supporting the legislation. The joint committee on the Judiciary reported the legislation favorably in early 2020. On February 13, 2020, H.1413, accompanied by S. 960, was ordered to a third reading by the Massachusetts House. Unfortunately, no further action has taken place on the legislation. Certainly, the members of the legislature have been dealing with many pressing matters including COVID-19 and the fiscal year 2021 State Budget.”

The Register further stated, “My specific arguments for supporting the mortgage transparency legislation included the fact the legislation would eliminate the possibility that a homeowner may not know who the holder of their mortgage is because an assignment was not recorded. Because some banks have gone out of business in previous years or merged with another lending institution, homeowners are in some instances forced to consult with the Federal Deposit Insurance Corporation website or the Massachusetts Division of Banks to determine who holds their mortgage. The legislation would make assignments of residential mortgages more transparent to the consumer.”

Another argument for the bill’s passage was that it created a more level playing field between smaller community banks and larger lending institutions. The smaller community banks tend to hold their mortgages while many larger nationwide banks are not diligent in recording their mortgage assignments.

The need for this legislation hit home recently when the Boston Globe published an article by Sean P. Murphy on December 8, 2020 which highlighted the difficulties that can result when an assignment is not recorded. O’Donnell stated, “The article spoke about a couple who had found a home in Worcester which needed work. To finance the purchase and remodeling costs, the couple wanted to sell their condo in Easton. However, a title problem developed with the Easton condo due to a mortgage assignment not being properly recorded. Because the assignment was not recorded at the Registry of Deeds, the lending institution who was the current holder of the mortgage lacked the legal authority to discharge the mortgage. A process that should have taken a few days took several weeks as two large lending institutions could not get their act together and solve the title problem by filing the assignment. After several weeks of back and forth the problem was resolved and the assignment was recorded, but only after the intervention of the Boston Globe.”

“The assignment legislation that has been filed would have eliminated this problem as an assignment would have been required to be recorded 30 days after the mortgage was transferred, or sold, to another lending institution,” stated O’Donnell.

In conclusion, Register O’Donnell noted, “With the legislative session winding down, it is unlikely the legislation, H.1413 and S.960 will advance further. However, I am not giving up the fight to help Massachusetts homeowners. I will once again be filing mortgage transparency legislation in the upcoming 2021-2022 legislative session. I am hopeful our arguments will be persuasive and after years of trying, the legislation will wind its way through the legislative process and onto Governor Baker’s desk for his signature.”

To learn more about these and other Registry of Deeds events and initiatives, like us at Facebook.com/NorfolkDeeds or follow us on twitter.com/NorfolkDeeds and/or Instagram.com/NorfolkDeeds.
 
The Norfolk County Registry of Deeds is located at 649 High Street in Dedham.  The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information.  All land record research information can be found on the Registry’s website www.norfolkdeeds.org.  Residents in need of assistance can contact the Registry of Deeds Customer Service Center via telephone at (781) 461-6101, or email us at registerodonnell@norfolkdeeds.org
 
Register O’Donnell Discusses Need for Mortgage Transparency
Register O’Donnell Discusses Need for Mortgage Transparency


Monday, September 28, 2020

Register O’Donnell Discusses How to Record a Land Document

Norfolk County Register of Deeds William P. O’Donnell today reminded residents that even in the midst of the COVID-19 pandemic, the Registry process to record land documents is designed to make it as easy and seamless as possible. “Whether the document in question is a deed, mortgage, homestead, mortgage discharge or any other type of land document, Registry staff have been trained to record the documents in as expeditious and accurate a manner as possible,” noted O’Donnell.

Register O’Donnell further noted, “As the depository of over 8 million land documents, there are certain basic steps that need to be followed when submitting a land document for recording. First and foremost, the document needs to be associated with one of the twenty-eight communities comprising Norfolk County. In addition, the document must be an original; we will not record photo copies or documents submitted via fax. Please note in many cases, land documents require signatures be notarized before they are recorded.” 

“It should also be noted that the Registry does not draft land documents. The Registry of Deeds is in the business of recording land documents only. If an individual is unsure if a drafted land document, particularly a deed, is in proper order, it may be prudent to have a lawyer familiar with real estate law review the document for its accuracy. A simple mistake on a deed for example could lead to a major problem.”  

Another important point to note is that there are various fees set by the Commonwealth of Massachusetts associated with the recording of land documents at the Registry. Recording fees vary depending on the specific land document type. The Registry’s website, www.norfolkdeeds.org has a fee schedule that can be consulted for specific recording fee amounts. The Registry accepts checks made out to the Norfolk County Registry of Deeds. The Registry also accepts cash payment.   

“Once you have a land document ready for recording and know the fee and type of payment,” stated O’Donnell, “you can then choose how to actually get the document delivered to the Norfolk County Registry of Deeds. Due to the COVID-19 pandemic, the Registry of Deeds building is currently closed to all members of the general public and real estate professionals alike. The options to get an original document and payment to the Registry of Deeds for recording are via regular mail, Federal Express, or placing the document and payment in a drop-off box located just outside the main entrance to our building located at 649 High Street, Dedham, MA.”

’Donnell concluded by stating, “Our trained recording staff is more than happy to record your land documents. Land documents are recorded in an expeditious manner once they arrive here at the Registry. It should also be noted that institutional users such as lending institutions and law firms have the additional option to submit documents electronically via our two e-file vendors, Simplifile and ePN. Finally, if you have any questions about land documents in general, please call our Customer Service Center at 781-461-6101, Monday through Friday between the hours of 8:30AM-4:30PM.” 

To learn more about these and other Registry of Deeds events and initiatives like us at facebook.com/NorfolkDeeds or follow us on twitter.com/NorfolkDeeds and instagram.com/NorfolkDeeds.

The Norfolk County Registry of Deeds is located at 649 High Street in Dedham.  The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information.  All land record research information can be found on the Registry’s website www.norfolkdeeds.org.  Residents in need of assistance can contact the Registry of Deeds Customer Service Center via telephone at (781) 461-6101, or email us at registerodonnell@norfolkdeeds.org.

 

Register O’Donnell Discusses How to Record a Land Document
Register O’Donnell Discusses How to Record a Land Document

Monday, July 27, 2020

Register O’Donnell Advises Homeowners of Need to File Mortgage Discharges

Register of Deeds William P. O’Donnell today reminded Norfolk County homeowners about the importance of filing a mortgage discharge after their mortgage has been paid off.

The Register stated, “When a mortgage has been paid off, a mortgage discharge document needs to be recorded with the Registry of Deeds to clear a homeowner’s property title relative to that loan. This is particularly important in light of the many homeowners currently taking advantage of historically low interest rates to refinance their mortgages. Please note a discharge is a document (typically one-two pages) issued by the lender, usually with a title such as “Discharge of Mortgage” or “Satisfaction of Mortgage.”

“There are instances,” noted the Register, “where discharges are filed directly by banks or settlement closing attorneys with the Registry as part of a property sale or as a result of a refinancing transaction. In other cases, the mortgage discharge is sent to the property owner who then becomes responsible for making sure the document is recorded. Whether or not a discharge is recorded by the lending institution or the individual property owner, it is important that the property owner makes sure all necessary documents have been recorded at the Registry of Deeds.”

“To check on their title,” noted O’Donnell, “Norfolk County homeowners can access the Registry’s online records at www.norfolkdeeds.org and verify if all mortgages associated with the property have been discharged. Please remember not having a mortgage discharged will result in a title issue and thereby impact the process of selling one’s home.”

The Register further noted that there have been cases where no discharge has been recorded against a long paid off mortgage. “Unfortunately, some of the lending institutions that provided funds for these mortgages are no longer in existence. In other cases, financial entities have merged with another lending institution.”

If a property owner needs to retrieve an original discharge of a mortgage and is unclear which lending institution is now responsible for providing the document, an option is to contact the Massachusetts Division of Banks at 1-800-495-2265 x-1 and then x-61501. Another option is to access the Federal Deposit Insurance Corporation website www.fdic.gov. Then find the BankFind tab approximately half way down the home page, put in the lending institution in question, then click on the lending institution link and you will be able to determine who has responsibility for the mortgage.

When recording a discharge, the original document is required. The Registry of Deeds does not accept photo copies or faxed copies of documents. The filing fee, set by state statute, is $106.00.

In conclusion, Register O’Donnell stated, “After paying off all the mortgages on their property, homeowners want to have peace of mind that they have clear title to their property, especially if they are contemplating selling. Being on top of what is required will go a long way in giving the homeowner assurances that they have clear title to their property. I strongly urge homeowners to make sure their mortgage discharge has been filed with the Registry of Deeds once their mortgage has been paid off.”

The Norfolk County Registry of Deeds is staffed with a team of customer service representatives who can be reached Monday through Friday, 8:30 AM - 4:30 PM at 781-461-6101. These representatives have been trained in researching documents and are well versed on the subject of mortgage discharges and what, if necessary, needs to be done to clear title to a property.

To learn more about these and other Registry of Deeds events and initiatives like us at facebook.com/NorfolkDeeds or follow us on twitter.com/NorfolkDeeds and instagram.com/NorfolkDeeds.

The Norfolk County Registry of Deeds is located at 649 High Street in Dedham. The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information. All land record research information can be found on the Registry’s website www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center via telephone at (781) 461-6101, or email us at registerodonnell@norfolkdeeds.org.

Register O’Donnell Advises Homeowners of Need to File Mortgage Discharges
Register O’Donnell Advises Homeowners of Need to File Mortgage Discharges

Monday, February 24, 2020

Register O’Donnell Provides Update on Mortgage Transparency Legislation

Norfolk County Register of Deeds William P. O’Donnell announced today (Friday, Feb 21, 2020) that legislation, House Bill 1413 accompanied by Senate Bill 960, that would promote mortgage transparency for consumers, has been referred to the House Committee on Bills in the Third Reading for review.

“The impact of this legislation,” noted the Register, “guarantees that a homeowner would know when a third party has been assigned their residential mortgage (usually sold by one financial institution to another), since the legislation requires the mortgage assignment to be recorded at the appropriate Registry of Deeds office within 30 days of the transaction.”

Additionally, consumers looking to record a mortgage discharge and those facing foreclosure would benefit as the legislation provides a permanent source of reference for the homeowner. They could even view the transaction online via the relevant Registry of Deeds website. Register O’Donnell has been a strong supporter of the legislation and has twice testified on its merits before the legislature’s Joint Committee on the Judiciary.

“This legislation levels the playing field as it requires the larger lending institutions who in the past have not recorded assignments to do so just as the smaller local community banks have been doing all along,” noted O’Donnell.

“I am hopeful the House Committee on Bills in the Third Reading will report the legislation favorably to the floor of the House of Representatives for consideration. This legislation benefits homeowners across Massachusetts, since it will eliminate uncertainty as to which lending institution is the mortgage holder of record,” concluded Register O’Donnell.

To learn more about these and other Registry of Deeds events and initiatives, like us at facebook.com/NorfolkDeeds or follow us on twitter.com/NorfolkDeeds and Instagram.com/NorfolkDeeds.

The Norfolk County Registry of Deeds is located at 649 High Street in Dedham. The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information. All land record research information can be found on the Registry’s website www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center via telephone at (781) 461-6101, or email us at registerodonnell@norfolkdeeds.org. 

Register O’Donnell Provides Update on Mortgage Transparency Legislation
Register O’Donnell Provides Update on Mortgage Transparency Legislation