Posted on May 10th, 2022
Have you asked yourself what happens after a mortgage note gets paid off ? Here are some hints and useful information.
When the bank no longer has a lien on your home, you own it. Be sure you have the documentation to prove it such as a Certificate of Satisfaction from Lender or Deed of Reconveyance from the Trust holder company. State law requires the lender to cancel the deed of trust and dismiss the trustee.
If you do not receive a certificate of satisfaction within the month, contact your lender to request the documentation. You can do this by getting in touch with the county treasurer's office. It should have your up-to-date details and be ready to pay the property taxes that used to be paid from your escrow account.
You should contact your insurance provider, too. Be sure the agency removes the lender from your homeowner's insurance policy and do be sure you are carrying title insurance for your home.
Feel free to contact me for any question, regarding this or any real estate business inquiries.