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Old 06-06-2009, 03:20 PM   #21
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We paid off our mortage in 2000, then sold the house in 2006. Apparently, there was no record of our satisfaction of mortgage, so we had to contact the original lender (good thing they were still around) and have them fax a letter to our attorney.
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Old 06-06-2009, 04:30 PM   #22
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We are preparing to pay off our mortgage. I'm wondering what type of documents we should expect from the mortgage lender and exactly what our responsibilities are? Thanks.
CONGRATULATIONS - well done.

My experience was the same as W2TR and it was quite disappointing for me not to see the actual deeds of the house.

Now, a close friend of ours had a very nasty experience this year. She was browsing the section in the news paper that lists the names of the people who owe back taxes and was shocked to see her name as being delinquent for property taxes. She had owned 2 properties on the same street and when she sold one of them 2 years ago it turns out that her lawyers filed the wrong deeds so that she was recorded as owner of the house she had sold, and the house she lived in was now owned by the folks down the street
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Old 06-06-2009, 06:01 PM   #23
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Congrats!

Where I live, the lender provides a "Release of Mortgage". You may have to ask your lender to give you a copy and record it in the proper county office (the Recorder of Deeds around here). It should be recorded so that any title search would show the property to be clear from the mortgage. If not, you'd have to go back and get this taken care of at a later date when you go to get a new loan, sell the property, etc. Its best to get the formal release asap before the lender loses the paperwork, changes personnel, or goes out of business.
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Old 06-06-2009, 06:41 PM   #24
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Thanks, everyone! I knew I could count on great responses. We are psyched about the payoff; 12 years into a 15-year mortgage. I wonder if any of you used GMAC mortgage? I've been reading a few horror stories about them which makes me a bit nervous, though we have never experienced any difficulty with 'em. Ack. Here's hoping the whole thing goes smoothly.
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Old 06-06-2009, 09:18 PM   #25
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We are psyched about the payoff; 12 years into a 15-year mortgage.
Oh, so this is an early pay-off?

From all the dancing, partying, congratulatory notes, I thought you were just happy to be able to achieve an "assets > liabilities" status (which *is* a milestone for many people, and a good reason to celebrate).

I'm not interested in debating the merits of an early pay-off versus "invest the liquidity" - you can search the forums or review the FAQs for that. But I am genuinely curious why so many people put on the party hat over what *is* a debatable financial transaction (based on how often is is inconclusively debated here).

So, congrats on having the financial wherewithal to be *able* to pre-pay the mortgage, that *is* an admirable achievement. But as far as deciding that that is what you want to do with that money, eh, six-'o one, half-dozen of the other. Whoopee.

For some reason unfathomable to me, this response may anger some forum members - but it is how I honestly feel, the math backs it up, I have no interest in simply annoying people (but I am curious), so there 'ya go.

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Old 06-06-2009, 09:31 PM   #26
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Oh, so this is an early pay-off?

From all the dancing, partying, congratulatory notes, I thought you were just happy to be able to achieve an "assets > liabilities" status (which *is* a milestone for many people, and a good reason to celebrate).

I'm not interested in debating the merits of an early pay-off versus "invest the liquidity" - you can search the forums or review the FAQs for that. But I am genuinely curious why so many people put on the party hat over what *is* a debatable financial transaction (based on how often is is inconclusively debated here).

So, congrats on having the financial wherewithal to be *able* to pre-pay the mortgage, that *is* an admirable achievement. But as far as deciding that that is what you want to do with that money, eh, six-'o one, half-dozen of the other. Whoopee.

For some reason unfathomable to me, this response may anger some forum members - but it is how I honestly feel, the math backs it up, I have no interest in simply annoying people (but I am curious), so there 'ya go.

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I don't have a dog in this fight, and agree there is merit in both sides of the do/don't payoff the mortgage early argument. But I do think, despite your statement to the contrary, bringing up this circular topic on what appears to be a celebration thread serves only to annoy. I see it as bordering on trolling and an unwelcome turn to what has been a positive topic.
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Old 06-06-2009, 09:49 PM   #27
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Oh, so this is an early pay-off?

Um...yes, I'd say that is approximately three years "early." Sorry our decision doesn't suit you, but it's our money after all. Thanks for your input.
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Old 06-06-2009, 09:50 PM   #28
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Um...yes, I'd say that is approximately three years "early." Sorry our decision doesn't suit you, but it's our money after all. Thanks for your input.
How DARE you do with your money what you see fit with it!
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Old 06-06-2009, 09:53 PM   #29
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I think it is GREAT when someone sets a financial goal for themselves and achieves it! It's worth a few dancing emoticons, for sure.

- - W2R, who doesn't feel at all bad about paying off her 30-year mortgage in 4 years
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Old 06-06-2009, 11:42 PM   #30
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Although, I currently have a mortgage (and cough cough HEL invested the market oops), I paid off my mortgage right before turning 32 on my first house. It was a pretty cool feeling and even had a small mortgage burning party. I got a note with all the goobley gook legal language, and I actually liked that better than if I just got something saying. "Yo dude you don't us anymore money the house is yours."

I always answer the question "Do you own this house" as precisely as possible. At first "A bit, but the banks own most", to "yup free and clear", to now "most of it the bank owns some." I think if more American thought this way it would have helped our current situation.

Congrats to Sarah and family.
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Old 06-07-2009, 12:06 AM   #31
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But I do think, despite your statement to the contrary, bringing up this circular topic on what appears to be a celebration thread serves only to annoy. I see it as bordering on trolling and an unwelcome turn to what has been a positive topic.
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Old 06-07-2009, 12:23 AM   #32
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How DARE you do with your money what you see fit with it!
Yeah. I'm a frackin' rebel.
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Old 06-07-2009, 07:18 AM   #33
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SarahW, I am shocked!! Next we'll be reading that you :::gulp::: plan to leave the w*rkforce before you absolutely have to!

Shocked, I say, shocked!

What is this world coming to, people saving money and suchlike !!


Ta,
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Old 06-07-2009, 08:19 AM   #34
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Well done, Sarah--and with this you join THIS Sarah in the same place--mortgage free!

Despite the sayers-of-nays, it is a fabulous thing, and you are well-served to continue ignoring the conventional wisdom, after all, if we believed that, we'd all want to work to 65!
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Old 06-07-2009, 08:54 AM   #35
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Despite the sayers-of-nays, it is a fabulous thing, and you are well-served to continue ignoring the conventional wisdom, after all, if we believed that, we'd all want to work to 65!
It may not, on average, be the most optimal financial decision in terms of expected long-term payback, but not all elements of financial planning need to be calculated that way. Some good decisions are based on long-term ROI expectations; others are based on maximizing financial security.

And I'd also say that among ALL aspects of our current financial situation, nothing has given us a better feeling of liberation than having no mortgage. That's a huge step toward being able to live comfortably on a lot less, and that is a significant enabler of FIRE as such.
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Old 06-07-2009, 09:51 AM   #36
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Congratulations on achieving your early-payoff goal, Sarah! You sure don't have to justify your decisions to us (but I am thinking how great it must be for you not to have to write that check every month).
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Old 06-08-2009, 08:38 AM   #37
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SarahW, I am shocked!! Next we'll be reading that you :::gulp::: plan to leave the w*rkforce before you absolutely have to!
You mean...like I'm ER'd this coming FRIDAY?!!!

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Well done, Sarah--and with this you join THIS Sarah in the same place--mortgage free!
Thanks, Sarah. I'm looking forward to joining you.

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Congratulations on achieving your early-payoff goal, Sarah! You sure don't have to justify your decisions to us (but I am thinking how great it must be for you not to have to write that check every month).
You know it! Wooo hooo!!
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Old 06-08-2009, 10:28 AM   #38
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Um...yes, I'd say that is approximately three years "early." Sorry our decision doesn't suit you, but it's our money after all. Thanks for your input.
SaraW - I'm sorry if my post was misinterpreted by some here. Please note, I never said it was a good/bad decision - simply that there are pros-cons, and I don't see that any of them are so great as to warrant the "happy dance" (no matter which decision is made). And like I said, I *am* happy that you have the financial ability to be able to pay it off. Whether you do or not is certainly up to you.

For *that*, I give you: the happy dance!





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I don't have a dog in this fight, and agree there is merit in both sides of the do/don't payoff the mortgage early argument. But I do think, despite your statement to the contrary, bringing up this circular topic on what appears to be a celebration thread serves only to annoy. I see it as bordering on trolling and an unwelcome turn to what has been a positive topic.
?

Well, we are all entitled to our opinions I guess. And accusing someone of trolling (or bordering on) isn't very nice, in my opinion.

My post was factual, and meant to be helpful.

FACTUAL - because it is true that it has been debated here. If early pay-off was the "slam dunk" that the party dancers imply, it wouldn't be debated, it would be accepted (like LBYM). Maybe I missed the post that declared it a slam-dunk (on either side), but I don't think so.

HELPFUL - because there are lurkers, and newcomers who may be unfamiliar with the issues discussed in the past. If they see nothing but party-dancers, they may assume that early pay-off is the holy grail of FIRE. I'm just pointing out that there are pros-cons, and others might want to review that against their situation.

Not only do I not have a "dog in the fight" (I've never taken sides, just pointed out the pros-cons), I don't even consider it a "fight". It is just information.

So I don't understand why you would see it as trolling, but again, I also don't understand all the excitement over using savings to pre-pay. But people can view things differently, discuss and compare those views. If that is "unwelcome", we ought to all sign off from forums and other social interaction and just talk to ourselves in the mirror, I guess.

There are plenty of threads that might be unsettling to some people - pointing out that a 4% SWR rate can often result in some scary dips in Net Worth might be unsettling to someone on a 4% WR, or pointing out that having most of your Net Worth tied up in a single stock might be unsettling to someone who has done that and thinks that stock is a sure thing. Yet, I think we do a service if we point out what may be unsettling, and a disservice to ignore it, in favor of "happy talk".

At any rate, the OP appears to have got an answer on the documents, so hopefully this can end here.

-ERD50
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Old 06-08-2009, 10:42 AM   #39
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FACTUAL - because it is true that it has been debated here. If early pay-off was the "slam dunk" that the party dancers imply, it wouldn't be debated, it would be accepted (like LBYM). Maybe I missed the post that declared it a slam-dunk (on either side), but I don't think so.
It's not a "slam dunk." It's a personal preference based on more than long-term financial concerns. If every financial decision were made based on maximizing our likely net worth, we wouldn't carry insurance because, on net, the average insurance consumer loses money on the coverage (obviously since the insurer has to profit for assuming the insured's risk). But we recognize that it also helps us manage risks and catastrophic financial failures, even if it costs us a bit. In that sense, I actually look at paying off a home as a form of insurance and financial security.

By the way -- while LBYM is generally accepted here, extreme LBYM (what I call LAFAPBYM for 'living as far as possible below your means') is often debated as unwise or even unhealthy if it becomes an obsession. Like paying down the mortgage, NOT practicing LAFAPBYM costs you a little more long term wealth but can add to quality of life. And to me a paid-off house is definitely a quality of life issue and it makes it much easier for me to sleep at night through this economic mess.

So I hope it's clear that there's more to financial decisions and financial planning than maximizing expected wealth.

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So I don't understand why you would see it as trolling, but again, I also don't understand all the excitement over using savings to pre-pay. But people can view things differently, discuss and compare those views. If that is "unwelcome", we ought to all sign off from forums and other social interaction and just talk to ourselves in the mirror, I guess.
I guess I'd just go back to what I said earlier -- not all financial decisions are made with the goal of maximizing wealth. Some are made which clearly sacrifice *potential* wealth building for additional security. I don't invest, for example, to maximize my expected nest egg in 40 years. If I did, I'd be 100% in stocks. But 100% stocks also increases my chances of failing to meet my financial goals because of the risk, so I would choose an AA that's 50-70% stocks in order to minimize my risk of failure.

And to me -- and in MY situation -- a paid off mortgage also reduces the chances of failure. Not just in retirement planning, but in being able to survive layoffs, needing a smaller emergency fund, having the freedom to ratchet back my work or even change careers to something I'd enjoy more for lousy pay.
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Old 06-08-2009, 11:07 AM   #40
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You mean...like I'm ER'd this coming FRIDAY?!!!


Thanks, Sarah. I'm looking forward to joining you.



You know it! Wooo hooo!!
Wait, you paid off your mortgage (without even considering how some of us feel about that ) and now you have the nerve to ER? Before we can debate the financial implications for you?

What are we going to do with you, SarahW? Any more lifechanging decisions coming up that you don't need our help with ?

CONGRATS on the ER!!!
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