Posted on: 04th Apr, 2011 04:47 pm
Can anyone tell me the specific documents my mortgage company should have sent me when I paid off my loan?
Hi kew!
Welcome to forums!
When your mortgage is paid off in full, then you'll receive a document called "satisfaction of mortgage" from your lender. You should make sure that you receive this document.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
When your mortgage is paid off in full, then you'll receive a document called "satisfaction of mortgage" from your lender. You should make sure that you receive this document.
Feel free to ask if you've further queries.
Sussane
Thanks Sussane.
I thought I should have gotten that but it's been nearly 2 years and I've had nothing from them.
My house burned in '09 and the first thing I did with part of the insurance money was to pay off the remaining note. At the time I was dealing with BofA, the customer service woman I was working with briefly mentioned she couldn't find my paperwork and when pressed, she said it wasn't a problem, that she'd find it.
Nothing about those papers after that.
So guessing I should contact them and push the issue?
I thought I should have gotten that but it's been nearly 2 years and I've had nothing from them.
My house burned in '09 and the first thing I did with part of the insurance money was to pay off the remaining note. At the time I was dealing with BofA, the customer service woman I was working with briefly mentioned she couldn't find my paperwork and when pressed, she said it wasn't a problem, that she'd find it.
Nothing about those papers after that.
So guessing I should contact them and push the issue?
Usually when a loan is paid off the mortgage company sends the release or satisfaction of mortgage to the county recorded to be recorded. You can check with the recorder's office to ensure that they released the lien.
Hi Guest,
If you've paid off the mortgage, then you should definitely receive the required documents from the lender. In my opinion, you should definitely push the lender so that he provides you with the required documents.
If you've paid off the mortgage, then you should definitely receive the required documents from the lender. In my opinion, you should definitely push the lender so that he provides you with the required documents.
Hi,
When a loan is paid off the mortgage company sends the release or satisfaction of mortgage, to the county recorded to be recorded. You can check with the recorder office to ensure that they released the lien.
When a loan is paid off the mortgage company sends the release or satisfaction of mortgage, to the county recorded to be recorded. You can check with the recorder office to ensure that they released the lien.
In many cases, lenders do not forward the release to the city/town/county. It's an expense that they won't undertake. The more normal situation is to provide a release to a mortgagor, who is then responsible for recording.
Here, you ought to pressure them to get your release asap, Kew. It's ridiculous for them to have taken all this time and done nothing.
Here, you ought to pressure them to get your release asap, Kew. It's ridiculous for them to have taken all this time and done nothing.
We receive a document called satisfaction of mortgage. But filing a lien release in county office is Mandatory right ?
Filing is not mandatory, but you'll cause yourself headaches in the future if you don't file it. What's the reason you'd contemplate not filing it, anyway?
In future if i wish to sell the process, will they ask for lien release document ?
At that time am i supposed to file for lien release or is it the responsibility of the lender to file the release ?
At that time am i supposed to file for lien release or is it the responsibility of the lender to file the release ?
A release of lien ought to be filed quickly, in my opinion. I say that because delaying might come back to bite you, in the form of a forgotten and/or lost release, for example. Should that occur, you'd have to go back and request a new release, which would cost you something. And, of course, we have lenders who are in business one year and out of business the next. Do you want to go chasing down a release 6 years from now from a business that no longer exists?
I will ask again: What's the reason you'd contemplate not filing it, anyway?
I will ask again: What's the reason you'd contemplate not filing it, anyway?