Hi, I just recently paid off an investment property and wanted to know is there a mortgage release letter that I'm supposed to get to show that the property is paid off so I can keep for my records? Where does this letter come from and how does that work and also how long will it take for this to be updated on my property title to show that I don't owe that bank anything? Thanks alot.
2007-07-15 16:59:49 · 4 answers · asked by marcus w 1 in Business & Finance ➔ Renting & Real Estate
nop by the way the bank is gonna reposes ur ***
2007-07-15 17:03:05 · answer #1 · answered by Anonymous · 0⤊ 3⤋
That is an excellent question! You need to contact your mortgage company and let them know you need a document of pay off so that you can get this registered with your county. Some mortgage companies do this but most do not now as there was some problems many years ago with some not so honest folks. They will send a document that proves you have paid it off and you will go to the county recorders office to have this document recorded. Any entity looking up your property deeds will see this deed also. Also, be sure your current mailing address is on file with all concerned with the property as HUD/FHA will be sending you a refund check. This is a half a point or half a percent interest that you paid during the life of the loan that is put in a different fund in case of foreclosure to off set the costs. As you paid off the loan in good faith they will send you this refund if they can find you!
2007-07-16 00:09:24 · answer #2 · answered by phxmilitarymom 5 · 0⤊ 0⤋
If the mortgage was covered with a trust deed you should get the original TD in the mail a couple of weeks after the payoff. It should be endorsed by the trustee as paid in full and should contain a notary seal attesting to the trustee's signature. It should also be stamped by the deed registrar attesting to the fact that it was removed from the property record. If it isn't stamped by the deed registrar, take it there immediately and have it properly recorded as released.
If it's a standard mortgage note you should receive the lender's original copy a couple of weeks after the payoff. It will be signed off near the bottom as paid in full and should also contain the stamp from the deed registrar indicating that it was removed from the property record. If it isn't stamped by the deed registrar you should take it there immediately and have it recorded.
You should normally receive these automatically within 2 - 4 weeks of the loan payoff. If you haven't received anything within 4 weeks, contact the lender and find out what is going on.
2007-07-16 00:20:04 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The mortgage satisfaction will be filed in the register of deeds office by the lender. you'll get a letter from the bank as well, but it will take a while and won't really matter to anyone but you. When you go to sell the property, the title search will show your mortgage and then the satisfaction that was filed when you paid off the mortgage.
2007-07-16 00:03:18 · answer #4 · answered by John M 7 · 1⤊ 0⤋