|
P/O Mortgage with HE Loan
05-29-2008, 10:52 AM
|
#1
|
Recycles dryer sheets
Join Date: Dec 2006
Posts: 479
|
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
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
05-29-2008, 11:05 AM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
|
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.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
|
|
|
05-29-2008, 11:29 AM
|
#3
|
Recycles dryer sheets
Join Date: Dec 2006
Posts: 479
|
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.
|
|
|
05-29-2008, 11:42 AM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,882
|
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.)
2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
|
|
|
05-29-2008, 12:14 PM
|
#5
|
Recycles dryer sheets
Join Date: Mar 2008
Posts: 413
|
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.
|
|
|
05-29-2008, 01:47 PM
|
#6
|
Recycles dryer sheets
Join Date: Dec 2006
Posts: 154
|
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
|
|
|
05-29-2008, 01:53 PM
|
#7
|
Recycles dryer sheets
Join Date: Sep 2007
Posts: 193
|
Quote:
Originally Posted by DAYDREAMER
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 ...
|
|
|
05-29-2008, 02:42 PM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,882
|
Quote:
Originally Posted by DAYDREAMER
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.
2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
|
|
|
05-30-2008, 05:39 AM
|
#9
|
Recycles dryer sheets
Join Date: Dec 2006
Posts: 479
|
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.
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|