Posted on: 08th Feb, 2009 09:35 pm
i paid off my mortgage loan last month Jan. 2009. So far I do not get any document showing that i paid off the loan. what kind of document do i waiting?
Hi winnie,
First of all, congratulations to you on paying off your mortgage and becoming debt-free.
After you pay off your debt, the creditor usually sends a lien release document to the county recorders office stating that all claims on the property has been released as the mortgage has been paid off. Now, since the creditor does not get any financial incentive for this, it is upto you to get it done as quickly as you can. So, get in touch with the creditor and ask them whether they will send it to county recorder's office or send it to you to get it recorded. you should collect a copy of this document which will act as a proof that nobody apart from you has a claim on your property. The creditor will also give you the promissory note that you signed when you took the mortgage, marked as "paid in full".
First of all, congratulations to you on paying off your mortgage and becoming debt-free.
After you pay off your debt, the creditor usually sends a lien release document to the county recorders office stating that all claims on the property has been released as the mortgage has been paid off. Now, since the creditor does not get any financial incentive for this, it is upto you to get it done as quickly as you can. So, get in touch with the creditor and ask them whether they will send it to county recorder's office or send it to you to get it recorded. you should collect a copy of this document which will act as a proof that nobody apart from you has a claim on your property. The creditor will also give you the promissory note that you signed when you took the mortgage, marked as "paid in full".