I was told recently that I was suppose to receive the deed to the house and didn't know if that was correct. I just assumed it was like a car and you only received it once it was paid for.
2007-02-06 00:06:15 · 6 answers · asked by jrob529 2 in Business & Finance ➔ Renting & Real Estate
of the property is mortgaged, the first lien holder, usually the bank that funded the loan, retains the original Promissory Note and the Deed of Trust securing the loan in the original loan file. If the servcicing on the loan is sold, the original loan file is delivered to the new servicer at each transfer.
You are given a copy of the deed at closing in your document package and a copy is maintained in the county records.
When the mortgage is paid in full, the owner is sent the orginal reconveyed (lien deleted) deed.
2007-02-06 02:43:25 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The deed is filed after the closing on the purchace with the recording of the mortgage. You should get a copy of the deed after it's been recorded; in any case it is a public record and you can always go to the courthouse and get a copy. Contact the company/atty where you closed.
The property changes hands in the public domain as soon as the owner signs the deed over to you. Unlike a car, you can't sell the house because the mortgage used to purchace the property is a lien on the property and must be released before it can be sold.
2007-02-06 00:17:09 · answer #2 · answered by wizjp 7 · 2⤊ 0⤋
You have some bad answers here. The deed does go to you after it is recorded. The title company should send it to you in about 10 days. If you don't get it call them. Some are slow since the pressure is off after closing. Make sure it is stamped by the county to show it has been recorded.
2007-02-06 00:43:28 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Hmmm, I see 2 opportunities the following: a million. Your monetary corporation as made an blunders and despatched you a redemption letter + your deeds. i ought to confirm a solicitor with all the documentation...try to be in a stunning good position the following, worst case should be you ought to proceed paying your loan. 2. or some different person as quite paid your mortgagee off (do you've any properly off secret admirers...)
2016-12-03 19:16:32 · answer #4 · answered by gagliano 4 · 0⤊ 0⤋
You won't get it until it is paid off.
2007-02-06 00:08:53 · answer #5 · answered by CctbOh 5 · 1⤊ 2⤋
yep, until every penny is paid up
2007-02-06 00:08:34 · answer #6 · answered by ordgstrn 2 · 1⤊ 2⤋