March 15, 2018, 05:52 AM
egregoreLast Mortgage Payment Coming Up :)
quote:
Originally posted by V-Tail:
quote:
Originally posted by JALLEN:
ou acquired title by delivery, and recording, of a deed, sometimes a Grant Deed or Warranty Deed depending on the state and custom, the bank secured its loan by recording a mortgage or deed of trust which encumbered your title. When the loan is repaid, either when you sell or refi, or eventually pay it off, a release or reconveyance will be prepared and should be recorded in the county office that recorded your deed and the mortgage, which clears your title of that lien or encumbrance.
Huh?
I think he means you don't get a paper title, but there is still paperwork to be done at the county to show there is no longer a lienholder and that you've been released from it. With both the bank and bureaucracy in play, this has a potential to be snafu-ed. It sounds like a good idea to make sure this gets done as it should.
March 15, 2018, 07:44 AM
tatortoddquote:
Originally posted by V-Tail:
quote:
Originally posted by JALLEN:
You seem to think your check will be handled by one or more humans.
Even though I swore to never again set foot in a Chase branch (much like Bank of America), I might break that solemn sacred vow to go in and hand over the check in person.
First of all congrats!
I’m thinking your final payment should be a big blown up ceremonial check and you should be accompanied by a photographer to commemorate the milestone. Get a pic of handing the ceremonial check to the teller. You’ll have to have the real check with you of course but it won’t photograph as well.