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#1202569 - 06/17/09 04:22 PM timeframe for providing release after a loan is pd
stella Offline
Member
Joined: Nov 2006
Posts: 61
is there a timeframe (say within 30 days) that we have to provide a release after a loan is paid off? can someone direct me to the regulation?

Thanks!

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#1203138 - 06/18/09 11:14 AM Re: timeframe for providing release after a loan is pd stella
QCL Offline
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QCL
Joined: May 2002
Posts: 6,259
NW IL
Yes. But that is saved in my email. Will post when I get to work.

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#1205085 - 06/22/09 02:41 PM Re: timeframe for providing release after a loan is pd QCL
QCL Offline
Power Poster
QCL
Joined: May 2002
Posts: 6,259
NW IL
Sorry for not responding, but I just can't find it.

I had notes here that said that it was in Section 2 of the Illinois Mortgage Act where you'll find that we either have to
1. file a release of the mortgage with the County Recorder within 30 days of the payoff or
2. send the borrower a release statement with in 30 days of the payoff.


But now I can't verify it. It looks like that section may have been removed from the act?

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