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reQuireUnbeknownst to most homeowners is that our country has experienced a huge problem with lenders failing to release or satisfy mortgages, home equity lines of credit, and UCC-1 Financing Statements. Under the provisions of Code of Alabama, Section 35-10-30 , a lender has 30 days following the receipt of a payoff and a written demand to satisfy the mortgage. Unfortunately, many lenders fail to properly record these releases or they mail them to the customer/borrower for recording, and few customers understand that the Release and Satisfaction must be recorded in order to clear the mortgage from their title. Under the law, it is the responsibility of the lender to satisfy the mortgage and NOT the homeowner/borrower, but it is very common for lenders to mail Releases to borrowers.

wireI recently bought a house and the closing attorney is insisting that we wire the amount we owe at closing, even though the contract says that we can provide a cashier’s check. Is this really necessary and why? What is the big deal?

PatientProtectionActThe answer to that question is yes…BUT. The Patient Protection Affordable Care Act, better known as Obamacare, does place a 3.8% tax on investment income, which includes unearned income from capital investments, sometimes referred to as capital gains. However, the tax only applies to individuals with “other income” in excess of $200,000.00 and married couples with combined income in excess of $250,000.00 AND only on the “profit” in excess of $250,000.00 for an individual and $500,000.00 for a married couple.

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From our offices in Decatur, Alabama, we represent clients in Morgan, Madison, Cullman, Lawrence, and Limestone Counties, including the communities of Decatur, Huntsville, Madison, Hartselle, Cullman, and Athens.

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