LowellDeeds

The Massachusetts Legislature is now considering Senate Bill 2386 ("An Act to Provide Remedies to Consumers For Clearing Title After Payoff of Mortgages").  This bill, proposed by the Real Estate Bar Association for Massachusetts (REBA) would address the ongoing problem of missing or incorrect mortgage discharges.  One of the major changes contemplated would be the prepayment of the recording fee for discharges.  After enactment, the recording fee for mortgages would rise from the current $175 to $250, however, when the mortgage was ultimately paid off, the resulting discharge would be recorded with no additional fee.  This legislation would also simplify and strengthen the current procedure that allows a mortgage to be discharged by an affidavit.  Today I joined several other Registers of Deeds in meeting with representatives of REBA to discuss the impact of this legislation on registry operations.  While the registers had some relatively minor suggestions, the overall bill should be viewed as very positive, consumer friendly legislation.  We'll try to keep you posted on the status of this bill as it works its way through the state house.