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Started By
Message
Paperwork after paying off a home
Posted on 8/24/23 at 8:34 am
Posted on 8/24/23 at 8:34 am
Shouldn’t I receive some documentation from the mortgage company that held the loan since it’s paid off. It’s been over a year and I got nothing
12
Posted on 8/24/23 at 8:39 am to Julz5198
You should check and make sure that they filed a release in the courthouse. Sometimes it's a separate document that releases the mortgage, sometimes they just stamp the mortgage with a stamp that basically says 'Mortgage paid in full as of XX/XX/XXXX.
Posted on 8/24/23 at 8:52 am to Julz5198
Just make sure a satisfaction or mortgage is filed. The servicer should do that.
Posted on 8/24/23 at 9:07 am to Julz5198
Yep, you should have gotten a mortgage release, mortgage satisfaction, release of lien, etc. Different parishes/counties call it different names, but all should give you something.
Contact your mortgage company and they should provide an answer pretty quickly on if they forgot to file it or the clerk of clerk never sent you the letter.
Contact your mortgage company and they should provide an answer pretty quickly on if they forgot to file it or the clerk of clerk never sent you the letter.
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.
Posted on 8/24/23 at 10:33 am to Julz5198
The posters above pretty much covered it, but as one of them mentioned, the mortgage company may have already filed the release/cancellation at the courthouse. If they did that, then you're all good and shouldn't need any other documentation. You can try calling the Clerk of Court and asking if they see your mortgage is still open, or try calling the title company you closed with to see if they can look it up for you.
And as others said, sometimes the mortgage companies blow off doing what they're supposed to, so if it is still showing open at the courthouse, get on their arse about cancelling it (or at least sending you what you need to go cancel it)
And as others said, sometimes the mortgage companies blow off doing what they're supposed to, so if it is still showing open at the courthouse, get on their arse about cancelling it (or at least sending you what you need to go cancel it)
Posted on 8/24/23 at 10:44 am to Neauxla_Tiger
State is Louisiana. I did locate a document that had”recent escrow activity” and it stated that the loan was paid in full on a specific date. Hypothetically if wanted to sell the house, what documentation would I need? Something more than this to show we own the house free and clear right?
Posted on 8/24/23 at 10:44 am to Julz5198
Congratulations!
Posted on 8/24/23 at 11:02 am to Julz5198
quote:
Hypothetically if wanted to sell the house, what documentation would I need? Something more than this to show we own the house free and clear right?
The title company can reach out to the mortgage company on your behalf to ask for all the necessary paperwork. You just need to give them the loan number and probably an authorization to speak to the MC on your behalf.
Who was the mortgage company and when did you pay it off? The reason I ask is sometimes if it was an older loan that's been paid off for a long time, it might be a pain in the arse to get the mortgage company to find your file. For example, if you had a mortgage with Hibernia that you paid off in 2003, you're going to have a fun time getting Capital One to find that in some storage garage. If the MC has gone through a merger, gone out of business, the mortgage was paid off prior to Katrina (everybody lost all their paper file) or prior to internet being around, then it's a royal pain in the arse. But hopefully if a mortgage is that old, it can just be prescribed.
Posted on 8/24/23 at 12:36 pm to Neauxla_Tiger
Loan was paid off about a year ago. 5th 3rd Bank was the mortgage company. I hated every time I had to deal with those people. To get through to talk to an actual person was an act of congress
Posted on 8/24/23 at 12:56 pm to Julz5198
quote:You need the public record to show the mortgage has been satisfied and the banks lien released.
Hypothetically if wanted to sell the house, what documentation would I need? Something more than this to show we own the house free and clear right?
Posted on 8/24/23 at 1:05 pm to Julz5198
quote:
what documentation would I need?
The bank needs to execute and record one of these in the mortgage records of your parish - Uniform Request for Cancellation
Posted on 8/24/23 at 9:55 pm to Julz5198
You need to get the mortgage inscription erased from the courthouse records. You do this by presenting the clerk of court with the original promissory note marked paid.
Sometimes the mortgage company will do this for you. Sometimes they will send you the note so you can do it yourself.
Sometimes the mortgage company will do this for you. Sometimes they will send you the note so you can do it yourself.
Posted on 8/25/23 at 12:19 am to Julz5198
Make sure you let your homeowners insurance company know that you paid it off. They’ll need to take your mortgage company off of your policy. Otherwise, if you make a claim and get cut a check, it’ll be made out to you and your mortgage company.
This was a pita for me after Ida.
This was a pita for me after Ida.
Posted on 8/25/23 at 5:39 am to Julz5198
Mortgage company files cancellation of mortgage at courthouse. While you are there checking on it- - get a copy of your original mortgage and have yourself a good old fashioned mortgage burning ceremony
Posted on 8/25/23 at 5:55 am to Julz5198
Yes, there is a release with the courthouse and you should get a notice. If not, contact them.
Posted on 8/25/23 at 8:56 am to Julz5198
Subtle
Posted on 8/26/23 at 10:01 pm to Julz5198
Same boat here. I had to call them. They will be mailing the paper work to me. What a great feeling!
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