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re: What happens when you pay off a house?
Posted on 12/7/16 at 8:51 am to Old Sarge
Posted on 12/7/16 at 8:51 am to Old Sarge
quote:
You get a letter saying the loan is paid in full
The deed stays at the courthouse. The mortgage company should send a letter to the courthouse releasing the lien. But file your letter away in a safe place in case there is a mixup, it will save you a headache.
Just FYI, at least in LA, you still have to go to the courthouse and pay like $25.00 to officially have your name taken off the lien. Otherwise, it just does not happen, and can flag you in the future as still having a lien. My mortgage company informed of this upon payoff, and I proceeded to the courthouse to have this officially done.
Posted on 12/7/16 at 9:31 am to iluvredboxx
I haven't done this with either of mine, but I will swing by the courthouse and make sure. Thanks for the heads up
Posted on 12/7/16 at 1:11 pm to tigeralum06
quote:
Props to you for paying off a mortgage without having a clue of what escrow is or how it works.
or the difference between principal and principle.
Posted on 12/7/16 at 2:46 pm to rpg37
quote:
When you pay off a house, what all happens?
A good friend of my dad threw a "Burn the Note" party. The month after they made the final payment, he took the amount they were paying in P&I each month and threw a huge party at his house, food, booze, etc. He made a copy of the mortgage note, and at about 8 pm, lit the outdoor fire pit, let it get a good fire going, and then we all counted down from 10 to 1 and he tossed the mortgage into the fire pit.
Pretty hokey but we were all drunk.
Posted on 12/7/16 at 3:56 pm to Old Sarge
You get to cancel the flood insurance policy you paid for 30 years , 6 months before the 1,000 flood swamps your home.
Posted on 12/7/16 at 5:21 pm to Kajungee
Oh crap. How bad did it get you?
Posted on 12/8/16 at 3:49 pm to Old Sarge
I paid mine off two years ago. The lender sent me paper work that I had to bring to the clerk of court's office terminating the mortgage. Something is stamped on the original recorded mortgage paper work like "paid in full" or similar.
Now once a year I get a bill for taxes and pay them before the end of the year and your insurance can be set up however you want it. Paid monthly, quarterly or yearly.
Now once a year I get a bill for taxes and pay them before the end of the year and your insurance can be set up however you want it. Paid monthly, quarterly or yearly.
Posted on 12/8/16 at 4:36 pm to rpg37
quote:
I was looking at my amortization today and got to wounding.
Yeah, pisses me off something fierce, too. Usually I just kick the dog.
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