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Old 07-19-2013, 08:41 PM   #21
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Congratulations.

Enjoy that special freedom you feel when you are not longer beholden to the bank or the mortgage company. Those first few months when you no longer have to make payments sure feel good.
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Old 07-19-2013, 09:14 PM   #22
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That's a good feeling, isn't it. It's not just that you have that mortgage payment to save, invest, or spend. It's that you feel more financially independent. The house is really yours.
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Old 07-20-2013, 07:37 AM   #23
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Quote:
Originally Posted by nwsteve View Post
Suggest you also make a reminder for yourself to confirm you receive (say 3 months from date of payment) from whoever actually holds your mortgage a formal "release of deed on trust" for your property. The release should have been also recorded with the county where the property is located. If the release does not show evidence of recording, I personally would send for recording myself.
With all the sale and resale of mortgage paper, many banks want to duck the effort to actually complete the re-transmittal of clear title.
Nwsteve
+1 on that.

When we paid off our house in 2000 the note holder, who had bought it from the local bank that originally made the loan, was very slow to do that. The second note holder had recently been bought by a third, larger bank, and I had to keep hounding them for several months to get the title cleared. Finally I lucked out and contacted an intelligent lady at the bank who told me she'd found the paperwork in a box stored in a hallway.

Sure glad I wasn't in a hurry to sell the house at the time! I kept after it in part because we knew we were going to sell in about two years and I wanted the title cleared.

The longer you wait the harder it is going to be to get them to find the paperwork.
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Old 07-20-2013, 08:51 AM   #24
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Good for you marty! What a good feeling it is to have a house paid for. You should really sleep good tonight.
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Old 07-20-2013, 09:15 AM   #25
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Quote:
Originally Posted by Walt34 View Post
+1 on that.

When we paid off our house in 2000 the note holder, who had bought it from the local bank that originally made the loan, was very slow to do that. The second note holder had recently been bought by a third, larger bank, and I had to keep hounding them for several months to get the title cleared. Finally I lucked out and contacted an intelligent lady at the bank who told me she'd found the paperwork in a box stored in a hallway.

Sure glad I wasn't in a hurry to sell the house at the time! I kept after it in part because we knew we were going to sell in about two years and I wanted the title cleared.

The longer you wait the harder it is going to be to get them to find the paperwork.
I was somewhat amazed that when I paid off the mortgage on my co-op apartment the key paperwork from the original closing (i.e. original stock certificate) never got lost. My mortgage had changed hands 4 times in 9 years - the original holder went bankrupt so it went to the RTC (Resolution Trust Corporation) then it got sold to another company then I Refi'd it then that company sold it to another company. But everything was there, miraculously. I had to file a special form with the county clerk after I received the final documents but that all went well.

Contrast that with my friend who bought his co-op apartment in late 2011. That bank quickly sold it to another bank but when in early 2012 he needed a copy of the stock certificate to apply for a state property tax rebate (he never got even a copy of it at the closing like I did with mine), it took him a few weeks to track one down, getting the runaround from both banks and his stupid managing agent.
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Old 07-20-2013, 09:28 AM   #26
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Congrats! We paid off our modest house a few years ago also. We always planned to fix our house up and then move to another house, but the thought of taking on another mortgage makes our stomachs queasy. I think we are going to stay put.
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