Satisfaction letter (insurance, refinancing, property, bank)

[Nikon5400]

I bought my house back in 2010. It was a short sale with bank of america.
Now, 18 months later I'm doing a refinance and my lender is telling me the bank of america has never sent a satisfaction letter to the county courthouse.
I have the title insurance and all, but because bac is very slow I may not make it by the lock expiration date.

What are my options? Can I have someone else pay for the lock extension? Can it get really ugly for me, even-though the bac lean was satisfied, they just failed to send a letter.

Who's job was it to make sure bac is doing their job? Was my title company supposed to follow up with them after the settlement in 2010 to make sure it's taken care of?

This is amazing how these people can screw things up.

I'm in bucks county, pa. Thanks.

[399083453]

What happens when no Satisfaction of Mortgage is recorded?

If a purchaser of property pays off the entire debt that he or she owes under a mortgage but no Satisfaction of Mortgage is recorded, then the lien will still be registered against the against the property. In most states, there will be a penalty for the Mortgagee if a Satisfaction of Mortgage is not filed within a reasonable time upon the full payment of the mortgage debt. Even if done later than the statutory required time period, the Mortgagee should still try to prepare a Satisfaction of Mortgage and have it registered once the debt has been paid.

Source

[Nikon5400]

Another question - I'm refinancing with the same company, Everbank.

My processor emailed her manager and since it's the same company she got OK to close and we are scheduling for next week.

Now, if bac doesn't provide the satisfaction letter by then, my title will have bac lien. Correct? IF so, should I go head and sign documents with bac lien on the title?

[SmartMoney]

The title company can insure over the lien, ie, they know it's been a paid in full account (short sale or not). This shouldn't be complicated at all.

[Nikon5400]

Originally Posted by SmartMoney

The title company can insure over the lien, ie, they know it's been a paid in full account (short sale or not). This shouldn't be complicated at all.

So, even if the title mentions bac it is ok to close?

Title company is the one who suggested Everbank can proceed because they are my current lender, while it may take bac too long to provide this letter to the county. I'm new to all this and I just want to make sure I'm 100% protected if I'm signing papers with bac lean on the title. Section #15A is bac lean. Section #16 is a bunch of Judgments related to previous owners, which supposedly were removed by underwriter when I purchased the property in 2010.