Does a mortgage lien ever expire?

Attorney Tom Olsen: Robert, here's a text. The text says, does a second mortgage lien ever expire? Hopefully, the texter is still listening, so we can answer that question form. First of all, whether it's a first mortgage lien, a second mortgage lien, a third mortgage lien, can a mortgage lien ultimately expire? The answer is yes. Now, let's start from the basics. Usually, when you have paid off a mortgage after many years of making your mortgage payments with a bank or even with a private individual. when you made your final payment, they will give you what's called a satisfaction of mortgage.

You record that satisfaction of mortgage into public records. That tells the whole world that that mortgage has now been paid off. Now, occasionally, there's an old mortgage where a satisfaction never got put into the public records. Now, the fourth statute is going to tell us when can we ignore that old, old mortgage. When is it no longer a lien against the piece of property? It's been a while since I read the statute, but I remember it would say something like this, is that if you can tell when the final payment on that mortgage would've been either the mortgage itself says with the final payment due June 1st, 2015.

Or you run an amortization schedule on it and you can tell what the final payment would've been. The fourth statute say that we can ignore that mortgage. It is no longer a lien against that property five years after that date of what would have been the final payment. This texter is saying, is that second mortgage lien going to expire? The answer is probably yes. We would need to take a look at it, see if we can determine when the final payment would have been. Go five years from that date, and now we can ignore that mortgage, it's no longer lien against the property.

Hopefully, that answers your question for you.

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