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P/O Mortgage with HE Loan
Old 05-29-2008, 11:52 AM   #1
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P/O Mortgage with HE Loan

What documents should I expect to get when this transaction completes?
Just a lien release letter from my mortgage company? Does it get filed at the local court house? Will I get my original Deed of Trust? I'm not sure if I have the orig or a photocopy at home.

Are there any laws in place for time frames to get documents?

TIA.
JD
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Old 05-29-2008, 12:05 PM   #2
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Generally release of mortgage liens are recorded in the appropriate governmental office. After it is recorded you may have to request a copy of the deed with the mortgage lien released. You mention that you paid off the original mortgage with a HE loan (HELOC). If you did and and it was based on the equity in the same property as the now paid off mortgage you should have a new lien filed on the property to reflect the HELOC. Frankly, I am a bit confused on your intents.
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Old 05-29-2008, 12:29 PM   #3
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I basically refinanced my 30 yr mortgage @ 6.5% to the PenFed 10yr HE Loan @ 4.99%.

I also have a HELOC with a 0 balance with another bank.

My mortgage was 1st lien and my HELOC was 2nd lien.

When PenFed wires the money to my mortgage bank to pay off the mortgage, my HELOC will move to 1st lien and PenFed HE Loan will become 2nd lien.

So technically, I no longer have a conventional mortgage note. I still will have 2 liens against the property, though.
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Old 05-29-2008, 12:42 PM   #4
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I would expect a letter from the original mortgage company saying that it was paid off and if I were really ambitious I would check a few months later with my county's recording office to make sure that the lien release was recorded.

(I have the joy (I think) of having a zero-balance HELOC in first position and a traditional 15 year mortgage with a significant balance in second position. Investigating that mess is how I know my original 30 year fixed mortgage was properly paid off.)

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Old 05-29-2008, 01:14 PM   #5
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I was kind of embarrassed when i called the county assesor after paying off my mortgage, asking if would get my title to my house. As if it was a paid off car. The gal at the county kinda chuckled and told me that I always owned the house, just that the bank put a lean on the title. There was no fan fair, no big hoo-pla. Basically got a letter in the mail from the bank stating that the mortgage is paid in full. Kind of anti-climatic. You would think there would be some big life celebration, but nope, just a measily little letter.
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Old 05-29-2008, 02:47 PM   #6
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I was able to change over from a 5.625% baloon mortage due in 2010 to a 4.5% HELOC. Saves about $1000 in interest per year. Then set up the auto WD to pay slightly more on principal per month, leading to a lower payoff in two years. That will be two months before full retirement and I will pay in full then. The worst that can happen is that the rate goes up above 5.625% and I pay off before the note is due in February 2010
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Old 05-29-2008, 02:53 PM   #7
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Quote:
Originally Posted by DAYDREAMER View Post
I was kind of embarrassed when i called the county assesor after paying off my mortgage, asking if would get my title to my house. As if it was a paid off car. The gal at the county kinda chuckled and told me that I always owned the house, just that the bank put a lean on the title. There was no fan fair, no big hoo-pla. Basically got a letter in the mail from the bank stating that the mortgage is paid in full. Kind of anti-climatic. You would think there would be some big life celebration, but nope, just a measily little letter.
I paid off a first, with Citi Bank as the loan service. I got a letter thanking me for paying off the loan. I called them to get a copy of the lien release. The CS gave me an address to write to. Their response indicated I would receive a copy of what they sent to the county recorder ( satisfaction of lien) in 3 months. Five months later they sent me a copy of the county recorders web site indicating the satisfaction of lien recorded document number. That was it. No loan docs marked paid, no signed lien release, no ...
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Old 05-29-2008, 03:42 PM   #8
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Quote:
Originally Posted by DAYDREAMER View Post
Basically got a letter in the mail from the bank stating that the mortgage is paid in full. Kind of anti-climatic. You would think there would be some big life celebration, but nope, just a measily little letter.
I personally find it kind of ironic whenever I have received those "Congratulations, you've paid off your mortgage!" letters. I've "paid off" five mortgages so far in my life but all five times it was because I either refinanced or sold the house in question.

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Old 05-30-2008, 06:39 AM   #9
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I forgot - they owe me my escrow account which is about 3g. Not to mention the payoff I got was a 30 day p/o. So they will owe me about 10 days worth of interest, too.
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