|
Posted by BETA-2 on December 30, 2006, 8:43 pm
Please log in for more thread options
I'm in New Jersey and a recorded satisfaction of mortgage is all you get
here. When you take out a mortgage in NJ, the mortgage gets recorded in the
County Clerk's office. After the mortgage is paid off, a Satisfaction of
Mortgage gets recorded. In NJ, there is no "trust deed" process. When you
buy real estate, you get a deed in your name, a copy of the deed gets
recorded in the County Clerk's office, and the original is marked as
recorded and returned to you shortly after you buy the property. Any
mortgages, assignments of mortgages, tax lines, etc. get recorded but you
keep the original deed from the time you buy the property on. When you sell
the property, you make out a new deed to the new owner and that deed gets
recorded.
> First I thnank you for your detailed reply, Jeff. I was thinking along the
> same line. I paid the loan off about six months ago; after calling and
> getting a run around from department to department, today I received a
> recorded copy of satisfaction of mortgage. When I called the lien release
> department, there answer was that this is all I am going to get. I do not
> need anything else. I am not sure who to contact and how get my hands on
> the deed.
>
> Thanks,
>
> Boomer
>
>> You should be looking for a reconveyance of the Trust Deed or Grant Deed.
>> (I pretty sure it's the grant deed.)
>>
>> In any case, the trustee holds the deed today. You paid the mortgage off,
>> and the trustor conveys the property to you with the reconveyance. What
>> happens is, you use the property as security for the loan. Should you
>> have defaulted on the loan, the bank (through the trustee) exercises its
>> ownership rights through the Deed, and in the process evicts you through
>> foreclosure proceedings. In any case, this scenario never kicked in, and
>> now that you have paid the loan, the trustee should relinquish its
>> position in the ownership chain. It does this by reconveying the deed to
>> you.
>>
>> Call the bank's (lender's) Customer Service department and ask them how
>> long they take to reconvey the deed. I'd go ahead and wait until after
>> the New Year.
>>
>>
>>
>>
>>> Hello folks,
>>>
>>> I paid my mortgage off about six months ago. I am expecting some
>>> documents be returned to me, but I have not received any. What documents
>>> should I expect to receive from the mortgage company?
>>>
>>> TIA
>>>
>>> Boomer.
>>>
>>
>
>
| 
XML Sitemap