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re: Paperwork after paying off a home
Posted on 8/24/23 at 9:11 am to Julz5198
Posted on 8/24/23 at 9:11 am to Julz5198
What state?
You should: (a) require they return to you the original signed promissory note marked "Paid in Full", and (b) require they record a cancellation of the mortgage (or deed of trust depending on your state) in the parish/county mortgage records to officially cancel and erase the mortgage from the public records.
They should do that automatically, but many times it just slips through the cracks and nobody realizes it until you later go to sell or refinance the house, only to find out the old mortgage is still covering the property and then you're in a scramble to get it cancelled.
You should: (a) require they return to you the original signed promissory note marked "Paid in Full", and (b) require they record a cancellation of the mortgage (or deed of trust depending on your state) in the parish/county mortgage records to officially cancel and erase the mortgage from the public records.
They should do that automatically, but many times it just slips through the cracks and nobody realizes it until you later go to sell or refinance the house, only to find out the old mortgage is still covering the property and then you're in a scramble to get it cancelled.
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