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We just paid off our mortgage.
What is next?
I am assuming, that Wells Fargo will mail us some sort of statement, that we take to somewhere and have house registered in our names as legal owners?
Just curious, what state are you in ?? More than likely Wells Fargo will send you a notice of loan satisfaction. Keep it in a safe place and make at least one copy to store in a second safe place.. You shouldn't have to register it anywhere. I can't say with any certainty how long it will take, but I suspect you will get it within a few weeks to a month.
Congratulations, it is proud moment when you own your own home free and clear.
WA. Not free and clear yet, as we have to transfer home insurance and taxes back to us - they were escrowed. And until taxes exist - well, you know how goes it.
I thought home ownership should be transferred in our name somehow legally? Like you get a title for your car? Shouldn't record be made somewhere in county books?
In Missouri - and I suspect elsewhere as well - I own my home, subject to a mortgage lien held by XYZ Bank and Mortgage. Same with insurance - it's in my name, with XYZ as having an insurable interest. And I am responsible for the taxes, it's just that XYZ pays them for me with the escrow funds I pay every month.
Once the mortgage is paid off, Wells Fargo may send you the certificate of satisfaction, which you should DEFINITELY take to your county recorder of deeds to be recorded; or, they may send it direct to the recorder. Contact your insurance company and tell them. The recorder may or may not tell your tax collector you're now paying directly. Call them to make sure.
Celebrate! You've accomplished what so many no walk away from. When you get that letter from Wells Fargo, make ten copies.
Then, make sure that anyone wanting to sue you for anything can't take your house. You have just become a target. Not to sound like gloom and doom but people look for people like you, a nice asset ripe for the picking. Talk to an attorney on the best way to accomplish securing that asset you've worked so hard to pay off. Last thing you want is some chump figuring you don't need it as much as them.
which you should DEFINITELY take to your county recorder of deeds to be recorded; or, they may send it direct to the recorder.
Thought there is something to be done like that.I know where to pay county tax.Letter to Safeco will be mailed next week.
Then, make sure that anyone wanting to sue you for anything can't take your house. You have just become a target. Not to sound like gloom and doom but people look for people like you, a nice asset ripe for the picking. Talk to an attorney on the best way to accomplish securing that asset you've worked so hard to pay off. Last thing you want is some chump figuring you don't need it as much as them.
Why? Seen many folks that own several properties all paid for, never saw them being very concerned about this.
Yeah, it does feel quite good actually. We spit blood for 7 years, paying it off waaaaay ahead of time.
When I bought my first home here in Florida, I received the deed at closing. Of course the bank had a mortgage secured by the property and when I sold it (at a profit) the bank sent the mortgage satisfaction letter not long after closing. I had no need to register anything, they had it recorded for me with the County Clerk's Office. The process clearly varies state by state. When I bought my second home (nothing mortgaged) I received my deed free and clear at closing.
As everyone said, the process varies by state. Here in MA, when a lien such as a mortgage is released then we record that release at the registry of deeds. Once that release is recorded it's part of the public record and on file forever.
I just paid one off and the bank sent all the paperwork to an escrow company and got it properly recorded.
If all that happens is that they send you a letter that says it is paid off, get yourself down to the county recorder's office double quick and get that recorded. You can not count on the bank to provide another one 10 years from now if you lose that one.
Also, if you decide to sell, you must be able to show clean title when the title company searches. They aren't going to search in your bottom bureau drawer. They search at the county recorder's office.
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