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| paula0000 |
 Posted: Sat Mar 19, 2005 12:21 pm Post subject: When mortgage is paid |
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Investing Manager
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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 |
| Posted: Thu Mar 24, 2005 12:29 pm Post subject: |
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Investing Sr. Associate
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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 $35) and I believe the mortgage company/bank will pay for its filing. |
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| Colli |
| Posted: Sun Nov 18, 2007 4:01 am Post subject: |
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Investing Sr. Associate
Joined: 18 Nov 2007
Posts: 57
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| Wouldn't there also be changes that need to be made to insurance contracts? After all, you would now own the house outright vs. the bank or mortgage company being a leinholder. |
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| johns1 |
| Posted: Tue Sep 09, 2008 5:45 am Post subject: |
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Investing Associate
Joined: 28 Jul 2008
Posts: 16
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| Yes, there are both paper work and fees involved. |
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| prs1065 |
| Posted: Tue Sep 09, 2008 6:01 am Post subject: |
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Investing Manager
Joined: 01 Sep 2007
Posts: 225
This Month: 7
4913.75 e$
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Churn Rate: 3.02%Items
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| thats good info ill check back in 20years when mine is paid. lol |
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