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#1599046 - 09/01/11 01:57 PM Fee Paid to Attorney for Mortgage Release
CBG Offline
Junior Member
Joined: May 2006
Posts: 44
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?

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#1599200 - 09/01/11 04:42 PM Re: Fee Paid to Attorney for Mortgage Release [Re: CBG]
Irishguy Offline
Platinum Poster
Irishguy
Joined: Aug 2008
Posts: 546
Kentucky
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.

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#1600170 - 09/06/11 06:40 PM Re: Fee Paid to Attorney for Mortgage Release [Re: Irishguy]
Irishguy Offline
Platinum Poster
Irishguy
Joined: Aug 2008
Posts: 546
Kentucky
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.

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#1606414 - 09/21/11 03:00 PM Re: Fee Paid to Attorney for Mortgage Release [Re: Irishguy]
Live 2 Comply Offline
Gold Star
Live 2 Comply
Joined: Sep 2009
Posts: 315
Semi-related: I have had some disagreement on if the document is called Deed of Release or Mortgage of Release. Any opinions or thoughts?

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#1607790 - 09/23/11 03:04 PM Re: Fee Paid to Attorney for Mortgage Release [Re: Live 2 Comply]
Irishguy Offline
Platinum Poster
Irishguy
Joined: Aug 2008
Posts: 546
Kentucky
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.

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#1659035 - 02/01/12 03:50 PM Re: Fee Paid to Attorney for Mortgage Release [Re: CBG]
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,709
TN
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!
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My Opinions Only

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#1659931 - 02/02/12 06:46 PM Re: Fee Paid to Attorney for Mortgage Release [Re: CBG]
MarieR Offline
Platinum Poster
Joined: Nov 2005
Posts: 614
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.
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#1663630 - 02/10/12 07:39 PM Re: Fee Paid to Attorney for Mortgage Release [Re: MarieR]
tuma Offline
Gold Star
Joined: Feb 2003
Posts: 368
Here & There
Release requirement is 30 days.
Refer to KRS 382.365

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