Tag: deed of reconveyance
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Pop Quiz: Will Your Final Mortgage Payoff Trigger a Defeasance Clause?
In some states, you take title at closing. In other areas, you aren’t the legal title holder before your final mortgage payment. It all depends on the mortgage law in your state. What’s the difference between the states? A defeasance clause. In some states, mortgage contracts have clauses that say the title will be transferred…
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Lien Release: Getting Ready for Your Final Mortgage Payoff (Woohoo!)
Are you closing in on the day you finish paying off the entire mortgage? Or just wondering what that finish line looks like? What steps do you need to take to get that lien off, and own the home free of debt? Let’s take a look.
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If I Have a Mortgage, Who Really Holds the Title to My Home?
A home buyer who uses financing — as most people do — is considered a homeowner, as opposed to a renter. The buyer has paid the seller, so the buyer owns the home, regardless of whether the deal is done with cash or financed. If the property’s value rises (or falls), then the gain (or…
