Re: Don't read if you dislike long posts.

On Wed, 07 May 2008 15:11:46 +0200, Jasper Janssen
<jasper@xxxxxxxxxxxx> wrote:

That one caught me when I paid off my mortgage early and the bank
didn't file the necessary paperwork to release the lien. By the time
I went to sell, another bank had taken over that one and I had to pay
to get the title cleared.

Sounds like extortion to me. Why weren't the people responsible
charged for it?

I didn't have to pay the bank, I had to pay the government its usual
fee for clearing a mortgage lien. My lawyer said the bank would
eventually have done it, but delaying the closing would have cost
more.

And you then filed a claim in small claims court for that amount to the
bank, right?

Been there done that except in my case it was not a pre-payment but
simply making a principal payment that fully paid off the mortgage.
(In Canada it is standard practice to allow a once yearly principal
payment of either 10 or 15%)

Under the terms of our mortgage contract they were contracted to
discharge the deed at the Land Titles Office though they were entitled
to bill me for it. When we were selling our house two years later the
purchaser informed us the mortgage was still registered against the
property. In the end to get it discharged quickly I had to make a trip
across town to the LTO which took most of that morning.

Naturally I spent most of the next 5 years blackening the Trust
company's name. It would have continued longer but at that point they
were taken over by another trust company. I do not deceive myself that
I singlehandedly brought them down but I believe I cost them a
customer or two.
.

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