Nowhere in your question did YOU claim to have paid off the mortgage. This release of mortgage gets recorded or filed and gives notice to … Pay off your other debt. Essentially, a lender provides a loan to an eligible borrower using the property as collateral until the loan and interest are paid off by the borrower. Contact Ilyce and Sam through her website, ThinkGlink.com. What documentation do I need to prove I have paid off my mortgage? The only legal way to take over a joint mortgage is to get your ex’s name off the home loan. Both documents should be marked canceled. You could potentially refinance into a 20-, 15-, or even 10-year loan term to pay off your house on schedule. After you pay off your mortgage, your lender should also return the original note to you. If you have completed your final mortgage payment, now is the time to secure your deed from your lender. If you received the lien release, don’t forget to get the document recorded. Sometimes, some of those costs are deductible. You'll need to talk to your tax preparer or accountant for more information on that issue. A: If you’re applying for a new mortgage, your new lender should be able to tell you if there’s any documentation you will need to provide relating to your old loan. Do I need to keep a copy of the title insurance for my records? https://www.deeds.com/articles/how-to-prove-ownership-of-real-estate It's also good to have some documentation as to what your loan balance was right before you paid off your loan. Sometimes some of those costs are deductible. The middle ground would be to scan to a cloud storage drive so you can keep them for your records. And in the process, they send you a letter that your mortgage is paid off instead of saying it was sold to Bank of America. For example, if you purchased the property some time ago and there was a title issue affecting the land that is uncovered today, the title insurance policy would cover you for that loss up to the value of the policy. Once your mortgage is paid off, no mortgagee clause … So if you’ve paid off your mortgage and it’s registered with us you need do nothing. Ideally, we’d like to see the lender mail you back your original promissory note you signed along with the original mortgage or trust deed. It can be very tempting if you come into some extra money to … The title insurance policy you purchased when you bought the property continues to insure you against possible title problems that may affect your property. You've paid off your mortgage loan, and you're ready to celebrate. There are steps you need to take to remove those rights. Look over the documents you received when you paid off the loan. What If I Can’t Prove I Paid My Mortgage? Get in touch with the county treasurer’s office. Q: I got your email from your Expert Real Estate Tips YouTube channel. Q: I have a small condo I just paid off. For example, if you purchased the property some time ago and there was a title issue affecting the land that is uncovered today, the title insurance policy would cover you for that loss up to the value of the policy. But we don’t see why you’d need to keep the other loan documents. Financial experts recommend having at least three to … A brief refresher of how the Deed of Trust works. There are two key documents in closing on a home loan – the promissory note and the mortgage note or deed of trust. You can also contact the company that paid off your loan to find out if the lien was released. Nowhere in your question did YOU claim to have paid off the mortgage. Making changes to how large or frequent your payments are can alter the amount of time you are in debt. Too late to do much when they are gone in the shredder. See if you can find the last canceled check. Congratulations, you've finally finished the mortgage payoff process, and you have joined the ranks of property owners who can claim to … Start with high-interest debts, such as any unpaid credit card balances. pay-off amount of the mortgage or other instrument securing the payment of money and being a lien upon real property has been made and that evidence of payment from the mortgagee, assignee, or servicer exists. You might need it when you fill out your income tax forms depending on any other costs you incurred when you obtained the loan. When you pay off a … You made the last payment – now wait. relatedSites.onchange = function() { My husband and I just paid off our mortgage to a credit union. If someone you care for is falling behind on their mortgage or if you simply want to give them a gift that will last a lifetime, it is possible to pay for their mortgage. 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