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Politics : Did Slick Boink Monica?
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To: James R. Barrett who wrote (11805)3/21/1998 10:56:00 PM
From: Bill Jackson   of 20981
 
James, You do not need a lawyer to file new mortgages and file a discharge of the old one. Lawyers just send them down to the registry office with a flunky to stand in line.

The problem is the lender wants to have the lawyers insurance on the hook if there is any foul up, like a lien slipping ahead of the mortgage with the new lender. The old one can stay where he is if he lends the $$, but a new one must get a postponement of claim from all lower mortgages and other liens. You usually get a postponement of claim written in to the second for that reason, lest the second get promoted to first. The lien holder is sitting pretty as he stays behind the second but is ahead of the new first as he is not liely to sign a postponement, he is likely to demand his money, and the first will not renew until he is paid, or will hold that amount aside. Tricky stuff when you get assorted liens of your property.
In Ontario they have to keep them alive evry so often with some filings and a fee. In he USA ??

You should have gotten the financing set when you bought and avoided that extra payment. However I do not know the situation and you may have had no choice, but to change lenders. $700 is a bit steep for a mortgage renewal, considering the changes are minimal.

Bill
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