
Exiting a Mortgage in a “Deed of Trust State”
If your mortgage exists in the form of a deed of trust, what happens at final payoff time? You’ll receive a deed of reconveyance, signed by the lender and notarized. Alternatively called a mortgage satisfaction or a full reconveyance form (depending on your state’s legal custom), it’s your official proof of title transfer from the lender.
States that use the deed of trust use this method to confirm that your loan has been paid in full. This occurs when you are selling the home, or in a refinance situation, when you get a new loan in place of the old.
Continue reading “The Deed of Reconveyance”