[WSBARP] Quiet Title for lack of Reconveyance- really old loan

[Athena Dickerson]

Hi all,

I have had this come up quite a few times recently where the bank has not recorded or prepared a Reconveyance for a Note and DOT, causing clients to scramble at closing when title insurance flags this issue.  In the past we have always been able to resolve by either a short holdback period for funds, convincing title to insure around the DOT depending on time and amount, etc.   I am stuck on this current one where a very old loan from the 80's which was a private loan being paid to Seller of a property which was being collected on through Seafirst Contract Collection Department.   BOA (successor to Seafirst is not much help).   The loan was paid off in the mid 90's, but no one has any cancelled checks or statements.  There is a document from the holder of the Note (beneficiary of the DOT) which says that only 40K was left on this loan in the late 80's.   Well, title hasn't bought my argument that they should insure around it due to the passage of time and amount and the beneficiary is deceased, her PR of her estate from 20 years ago is also deceased.  I think I am stuck filing a quiet title action but would the heirs of the deceased be who I name for the beneficiary who cant confirm the loan was paid off?  Also open to any other suggestions anyone may have in this situation.

Athena Makratzakis Dickerson
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