Article Score0

My mother finished paying off her mortgage last May and has yet to receive any documentation stating so. I told her that she should probably receive a deed or title or something similar (like when you pay off a car). I would think that’s the way it goes.

She bought via owner financing so there were no banks involved.

4 Thoughts on What happens when you finish paying off ur mortgage?
  1. Reply
    Suzanne S
    March 31, 2012 at 11:48 am

    Contact who she was paying to find out where the deed or title is and when she will receive it.

  2. Reply
    [email protected]
    March 31, 2012 at 12:22 pm

    She should ask for recorded mortgage payoff statement. She needs to make sure property has been recorded in her name, that it was deeded to her. If not, she needs a deed and it should be recorded.

  3. Reply
    March 31, 2012 at 12:27 pm

    The noteholder is legally required to file a Release of Lien, indicating that the mortgage has been paid off. (The document can also be called a Reconveyance.) In any event, the noteholder MUST prepare this, get it notarized, and have it recorded; there are penalties for failure to do so.

  4. Reply
    Invest Pro
    March 31, 2012 at 1:10 pm

    The third answer was the most complete. Follow their instructions.

    Now that your Mother’s home is paid off, it would be wise to put that $ to work for her, rather than sit dormant earning nothing.

    Contact me via email for opportunities and details on this subject. I advise clients how to invest for retirement and utilize home equity to assist them on the journey.

    Leave a reply

    Register New Account
    Reset Password