Fee Paid to Attorney for Mortgage Release

Posted By: CBG

Fee Paid to Attorney for Mortgage Release - 09/01/11 01:57 PM

Is an attorney required to sign a mortgage release fee in KY?

Where do you put this fee on the GFE and
can we add it to the payoff for those mortages where it has
not been charged?
Posted By: Irishguy

Re: Fee Paid to Attorney for Mortgage Release - 09/01/11 04:42 PM

I don't believe an attorney must sign a release. An attorney, in Kentucky, is required to sign the mortgage though. You may want to check KRS 382. Hope this helps.
Posted By: Irishguy

Re: Fee Paid to Attorney for Mortgage Release - 09/06/11 06:40 PM

I received this from the KBA this morning. This should answer your question regarding if an attorney must sign a mortgage release:

(From Debra Stamper)

I have received recent calls from members who have been questioned by local bank counsel regarding mortgage releases. Some attorneys believe that the preparation and filing of a mortgage release by a bank employee is the unauthorized practice of law. Click here (http://www.kybanks.com/Libraries/pdf/leg110905unauthorizedprackba.sflb.ashx )to find a copy of a letter received by one of our members in 1999 from the Kentucky Bar Association, with a final determination that it is NOT the unauthorized practice of law.
Posted By: Live 2 Comply

Re: Fee Paid to Attorney for Mortgage Release - 09/21/11 03:00 PM

Semi-related: I have had some disagreement on if the document is called Deed of Release or Mortgage of Release. Any opinions or thoughts?
Posted By: Irishguy

Re: Fee Paid to Attorney for Mortgage Release - 09/23/11 03:04 PM

Live_2,

I'm not sure this will help, but you may want to read the following:

http://www.lrc.ky.gov/KRS/382-00/360.PDF

For what is is worth, we call ours a Mortgage Relase and we have not had any issues. You may want to ask your attorney if the release has to be titled in a certain maner.
Posted By: Skittles

Re: Fee Paid to Attorney for Mortgage Release - 02/01/12 03:50 PM

Question - when a loan is paid off how long do we have to file the release? I'm thinking its 30 days but need to see that in writing. I've looked through the Kentucky Statutes, but may have overlooked it.

Thanks!
Posted By: MarieR

Re: Fee Paid to Attorney for Mortgage Release - 02/02/12 06:46 PM

It is 30 days from a request for the release and it is in KRS somewhere, but I don't have the cite handy. I do remember that there are some stiff penalties for not doing it timely.
Posted By: tuma

Re: Fee Paid to Attorney for Mortgage Release - 02/10/12 07:39 PM

Release requirement is 30 days.
Refer to KRS 382.365