OWNER’S FINANCE – MORTGAGES IN PUERTO RICO
In my real estate practice, I have found a recurring problem regarding the cancellation of a mortgage once it has been paid in full. These issues affect both the lender and the borrower and usually present themselves towards the end of the relationship.
Surprisingly enough, I recently participated in a closing involving a major US bank which made the same mistake I discuss in the video in reference to owners providing finance to the borrowers. I then realized it was the bank’s lack of knowledge on the subject of how mortgages are cancelled in Puerto Rico.
Through this video I discuss these issues and the simple solutions which can avoid headaches, difficulties and save money to both parties.