Interesting comment, re: the home of Worcester Wonderland blogger Claude Dorman (who writes as Will WW)Written by admin on September 15th, 2012
“According to the worcesterdeeds.com website, Dorman recently paid off his home.
“This is a tactic used to protect assets when you are going to declare bankruptcy. In Massachusetts, Claude and his wife can keep $500,000 in their primary residence from the bankruptcy trustee. Doing this, he likely took all his available cash and other non-exempt assets and pumped them into his house. When he loses in court, he’ll simply declare bankruptcy and walk away from the judgment.”
http://www.masslandrecords.com/worcester/ enter “Claude” and “Dorman” on page’s search engine
Worcester Wonderland blogger Claude Dorman’s 38 Sever St. (Worcester) home
From the Worcester District Registry of Deeds:
When your mortgage is paid off, a mortgage discharge should be recorded with the Registry of Deeds in order to clear your property’s title.
A discharge is a document (usually one page) issued by the lender, with a title such as “Discharge of Mortgage” or “Satisfaction of Mortgage.”
Discharges are often filed directly by banks or settlement attorneys (for example, as part of a sale or refinancing transaction).
In some instances, such as making your final mortgage payment, the discharge may be sent directly to you and need to be recorded.
Your best options for recording your discharge is to mail in or bring the original discharge … .”