Paid in Full By Robert J. BrussSaturday, April 7, 2007; Page F06
DEAR BOB:
Next month I will write my final mortgage payment check and want to be sure all the related details of paying off the mortgage go smoothly. What steps should I take? -- Daphne M.A:
DEAR DAPHNE:
Congratulations on writing your final mortgage payment check....Phone the lender a few weeks in advance to determine the exact amount of your final payment. (It may be slightly more or less than your regular payment.) Ask how long the lender usually takes to process a final payment and send you either the deed of reconveyance (for a deed of trust) or a mortgage satisfaction (for a mortgage payoff). This time frame should not be longer than 30 days after the lender receives your payment.Inquire as to whether the lender will record the document clearing your title or whether it will be sent to you so you can record it in the county where the property is located.Follow up in 30 days to be certain you received the promissory note you signed years ago marked "paid in full," and make sure the documentation was properly recorded. Lenders have no financial incentive to clear titles promptly, so it's up to you to get it done correctly.You can hold a symbolic mortgage-burning party, but never burn or destroy your actual mortgage documents. Instead, you might want to frame them.
http://query.nytimes.com/gst/fullpage.html?res=9c07e5d71e38f934a35751c0a96f958260
http://www.latimes.com/classified/realestate/news/la-re-payoff9mar09,0,3622083.story?page=2&track=rss
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