Unable to obtain lien release

[Jochy Perez]

Hi everyone, 

Under contract to purchase an REO property and it was discovered there's an old mortgage from 1997 which was assigned in 2000 to IMC Company Co, Tampa FL.

IMC Company Co is no longer in business and from the research I have done, they were acquired by CitiFinancial which I believe is no longer in business as well. 

Trying to figure out how to obtain a lien release for this old mortgage. 

The attorney hired a title curative company to see if they can find something, I also filed a case with the FDIC for the release to see if they can do.

Want to see if anyone has any experience or other suggestions on this

[Tom Gimer]

Every bank has a successor. For CitiFinancial it's CitiMortgage and they have a department that works solely on lien releases. 

https://online.citi.com/JRS/po...

They will need to research internally whether they were the holder of the note at the time it was paid in full. If they confirm that, they'll record a release.

This happens all the time. There is no instant fix. If it were my deal I would be sure to extend the contract before it expires (if it doesn't have an automatic extension provision for clearing title issues).