New Mortgage After Satisfaction Recorded
I have been using the public records to look at houses in my neighborhood, to get an idea of prices and get comfortable analyzing properties. Several of my neighbors have recorded satisfactions of their mortgages, only to record a new mortgage several years later. Unless this is a home equity type of situation, I cannot figure any reason to re-encumber a property once it is free and clear. Can anyone shed light on this? If it matters, these properties are in New York City. Thanks.
Dave