Services
Preferred Ship Mortgages & Liens
This is one of the most common reasons a sale stalls. A seller says the loan was paid off years ago, and the Abstract of Title still shows a recorded mortgage. Both things can be true at once.
Clearing it means identifying the recorded instrument, determining who holds the right to release it today, and obtaining a satisfaction or release in acceptable form.
What we handle
- Recording new Preferred Ship Mortgages
- Mortgage documentation for lenders and closings
- Satisfaction and release review
- Existing mortgage research
- Successor lender identification
- Old mortgage resolution assistance
- Lien identification before closing
- Coordination with payoff and funding
"But that bank doesn't exist anymore"
Bank A was purchased by Bank B. Bank B merged with Bank C. Today the loan file may sit with an institution whose name never appeared on the original mortgage. Before a release can be accepted, the chain from the original mortgagee to today's institution generally has to be established — and that research, plus getting the right department at the right institution to issue a proper release, is often what takes the time.
Timing matters
If an old mortgage is discovered a week before closing, everyone waits. If it is found during a pre-closing abstract review, there is usually time to work it out without holding up funding.
Official sources
Requirements change. Confirm current requirements with the applicable agency or a qualified professional for your specific transaction.
Next step