Other Debt Mortgage Release and Release of Lien

[RoxieandTed]

I had a small loan and a rather large mortgage with my bank. I recently paid off the small loan with my bank and they no longer show that loan on my online account. However instead of sending me their original copy of that loan and saying that was paid off, they sent me their original copy of my mortgage, their original copy of the note, and a letter saying it was paid off. Then they further went and recorded a release of lien with the county. However this loan still shows up on my online account.

Do I need to pay this anymore? If I don't pay it, do they have any grounds with which to attempt to recover money as they released the lien thereby taking away their right to foreclose and sent me the note with a letter stating the loan was canceled thereby taking away their right to sue.

Am I missing something?

 

[mightymoose]

They will likely discover their error at some point. If you stop paying I suggest you save a sufficient amount to cover past due payments.
You know you still owe on the house so don't get to excited.

 

[RoxieandTed]

I was planning on continuing to pay, but I was just wondering on what grounds I have to keep paying since they sent me the note?

 

[Betty3]

The bottom line is it was just an "honest" error - you need to continue paying since you still owe on the mortgage.

 

[RoxieandTed]

I understand the morality of the question, but I was more looking for the legality of the issue.
I didn't really think that honest mistakes changed anything in the eyes of the law. But maybe they do, I'm not an attorney. Is this correct, that the bank still legally holds a note and a mortgage on my property, even though they've release both, simply because it was an honest mistake.
Would they same theory hold true for criminal law or only for civil matters?
Thanks, I'm just trying to understand this and what means.

 

[army judge]

I understand the morality of the question, but I was more looking for the legality of the issue.
I didn't really think that honest mistakes changed anything in the eyes of the law. But maybe they do, I'm not an attorney. Is this correct, that the bank still legally holds a note and a mortgage on my property, even though they've release both, simply because it was an honest mistake.
Would they same theory hold true for criminal law or only for civil matters?
Thanks, I'm just trying to understand this and what means.

If you try to get away with that, the bank will simply take the matter to court.
You are about to make a very big mistake.

Look at it this way. You deposit $100 to your checking account. The teller mistypes $100 as $1,000,000.

Later that evening you withdraw a few dollars from an ATM.
You see your balance as $1,000,600.00
You go crazy, make it rain all over town and the USA, and have mucho fun.
A few days later the bank calls and requests you replace the $500,000 you gleefully squandered.
They've already emptied your account.

Your scenario is the same as mine.

People are allowed to make honest mistakes. Banks are people, too.

 

[RoxieandTed]

Thanks everyone. I'm not about to do anything, I intend on paying my loan as I have been, I'm just curious as to what the legal opinion would be.
Not to argue with your analogy about the teller but isn't that scenario you described specifically covered by a federal bank error law. Would that same law cover them releasing the lien?

 

[army judge]

Thanks everyone. I'm not about to do anything, I intend on paying my loan as I have been, I'm just curious as to what the legal opinion would be.
Not to argue with your analogy about the teller but isn't that scenario you described specifically covered by a federal bank error law. Would that same law cover them releasing the lien?

You want a legal opinion, hire a Florida lawyer.
Legal opinions are written opinions, authored on points of the law by retaining an attorney.

CAUTION: They're simply that, AN OPINION, not binding on the court.

Only judges can issue legal decisions, and even those can be overturned.

I'm a Texas lawyer, but can't and won't give legal opinions on this board.
It violates several laws and the canon of ethics to do so.
We gave you your answer. Do whatever you wish.