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www.eInvesting.com Forum Index » Real Estate Investing

When mortgage is paid


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paula0000
PostPosted: Sat Mar 19, 2005 12:21 pm Post subject: When mortgage is paid Reply with quote

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When my mortgage is paid off, are there papers or fees to be made? I thought I heard somewhere that some paperwork needs to be done because now I would technically own the house instead of the bank.
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foxnstocks
PostPosted: Thu Mar 24, 2005 12:29 pm Post subject: Reply with quote

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When your mortgage is paid, your bank will file a Satisfaction Form with your Recorder of Deeds Office (it could be known by a different name depending on where you live). They will send you the actual mortgage document (or a certified copy) marked "Paid" as well as a copy (or the original) of the Satisfaction Piece. There will be a small fee to Satisfy the mortgage (in our area, it's around $35) and I believe the mortgage company/bank will pay for its filing.
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Colli
PostPosted: Sun Nov 18, 2007 4:01 am Post subject: Reply with quote

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Wouldn't there also be changes that need to be made to insurance contracts? After all, you would now own the house outright vs. the bank or mortgage company being a leinholder.
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