What does a homeowner gets when she or he makes its last mortgage payment?

Deal Score0

For residents in Southern California..
Does the homeowner needs to request the promissory note when he first signed for the loan, or how does this works?

  1. Reply
    Age of Reason
    January 23, 2011 at 10:08 am

    You get a letter congratulating you. Your signature page on the loan marked Paid in Full and a notice that they have filed with the County office of Deeds and Records to withdraw their name from the deed. You will in 3 to 4 weeks receive a copy of the old deed marked paid in full and a copy of your new deed on file in your name only. Put these in a safe place. Not 3 months after this the morons at the Mortgage company called looking for the last month mortgage payment. They admitted they did not update their records.

  2. Reply
    Glenn S
    January 23, 2011 at 10:34 am

    A Full Reconveyance. Your lender files a full reconveyance document with the county recorder and the lien against you property is removed. By law the lender must record the full reconveyance within 30 days after payment with the county recorder where the property is located.

    It will take about another 30 days for the county recorder to record the document and sent you a copy.

    Leave a reply

    Register New Account
    Reset Password