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Due to Covid-19 staffing issues, my bank is struggling to prepare and send required mortgage releases timely to the county clerk’s office when a mortgage is paid off. What are the ramifications if a mortgage is not released in a timely manner?

This varies according to state law. In some states, there are monetary penalties for each day a mortgage is not released past a certain number of days after it has been paid off. The penalties can be significant depending on the state. (February 2021)

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