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Often you or the mortgage company file a certificate of release, referencing the original record of the mortgage. There are other complications if there was a deed of trust or other partial conveyance.

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โˆ™ 2010-01-27 17:33:45
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Q: How do I obtain a Clear title after mortgage is paid off?
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Can you gift a house when the mortgage is paid off?

Providing that all other requirements of law have been met, once the mortgage has been paid off and the clear title has been registered, you may give a house as a gift to whomever you want.


How do you get title transferred in your name if there is a lien on the property?

The lien must be paid in order to clear the title.The lien must be paid in order to clear the title.The lien must be paid in order to clear the title.The lien must be paid in order to clear the title.


Assessment is disputed on fully paid condo mortgage - what would a lien do?

The effect of a lien is to cloud title based on monies owed. The title cannot change hands without the removal of the lien, meaning the lien amount is paid before title is clear.


What does it mean to be a title theory state in Michigan?

In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.


You paid off your mortgage in Oct 2009 but have not received a clear title you are selling your condo and need a clear title?

You should have received a mortgage discharge from the mortgagee when the last payment was made. You should check your records. If you didn't receive it then you need to contact them now and request a recordable discharge and then record it immediately in the land records office.


Does a deed of trust grant ownership rights?

A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.


Can you sell a house that has a second mortgage on it?

Absolutely, you can sell a house with a second mortgage on it. Keep in mind that you will have to provide clear title at time of closing and that the all mortgages (first and second) will need to be satisfied at closing which can be paid with the proceeds from the sale.


If your name is on the deed but not the mortgage who is responsible for the mortgage when the house is sold?

The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.


Is it legal for a land owner to enter into a land contract when they have a mortgage?

If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.


What is the cost to discharge a mortgage?

Generally, if you recently paid off a loan, the lender has already charged you the service fees to obtain, draft and/or record the release/discharge of mortgage. On the other hand, if you are dealing with a missing mortgage discharge that has been paid off years ago (perhaps it's not even your mortgage, but remains on title for a prior owner) than you need to get a independ servicer to research your request.


Who can you transfer your home title to?

With a quit claim and the agreement of your mortgage company, you can transfer your home title to anyone. However, if you are carrying the mortgage, there needs to be lien on the title until the loan is paid in full.


Does a security deed convey legal title to the property under Georgia law?

Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.


Can a mortgage lien be removed without a satisfaction?

A mortgage must be satisfied (paid) in order to obtain a release that then must be recorded in the land records. The only other ways to discharge a mortgage are via a court order or to wait until the state of limitation for mortgages has passed in your jurisdiction. In Massachusetts a mortgage is no longer effective after 35 years.On the other hand, if a mortgage has been paid and you cannot find the lender to obtain a release there is likely a way for you to record documentation in the land records that proves the mortgage was paid. For that you should consult with an attorney in your area who can advise you, and assist you in writing a proper affidavit accompanied by acceptable documentation.A mortgage must be satisfied (paid) in order to obtain a release that then must be recorded in the land records. The only other ways to discharge a mortgage are via a court order or to wait until the state of limitation for mortgages has passed in your jurisdiction. In Massachusetts a mortgage is no longer effective after 35 years.On the other hand, if a mortgage has been paid and you cannot find the lender to obtain a release there is likely a way for you to record documentation in the land records that proves the mortgage was paid. For that you should consult with an attorney in your area who can advise you, and assist you in writing a proper affidavit accompanied by acceptable documentation.A mortgage must be satisfied (paid) in order to obtain a release that then must be recorded in the land records. The only other ways to discharge a mortgage are via a court order or to wait until the state of limitation for mortgages has passed in your jurisdiction. In Massachusetts a mortgage is no longer effective after 35 years.On the other hand, if a mortgage has been paid and you cannot find the lender to obtain a release there is likely a way for you to record documentation in the land records that proves the mortgage was paid. For that you should consult with an attorney in your area who can advise you, and assist you in writing a proper affidavit accompanied by acceptable documentation.A mortgage must be satisfied (paid) in order to obtain a release that then must be recorded in the land records. The only other ways to discharge a mortgage are via a court order or to wait until the state of limitation for mortgages has passed in your jurisdiction. In Massachusetts a mortgage is no longer effective after 35 years.On the other hand, if a mortgage has been paid and you cannot find the lender to obtain a release there is likely a way for you to record documentation in the land records that proves the mortgage was paid. For that you should consult with an attorney in your area who can advise you, and assist you in writing a proper affidavit accompanied by acceptable documentation.


How do you obtain your new car title after it has been fully paid for and the lien released by the finance company?

The lien holder should send you a lean clearance letter. You can take the waiting clearance letter and the title to the motor vehicle department and apply for a clear title.


Are you obligated for the mortgage if your name is on the title?

You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.


Can you sale your vehicle you paid off even though you never paid the sales tax?

Your vehicle has to be paid in full for you to have a clear title without a lien. If you haven't paid the sales tax, you may not have a clear title that you can sign off to the new owner.


Are mortgage companys the fee simple titleholder?

No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.


Is a quitclaim deed the same as a mortgage deed?

No. A quitclaim deed transfers the property to a new owner permanently.A mortgage deed is a conditional deed that transfers title to the bank only until the mortgage is paid and then the bank must release its interest.No. A quitclaim deed transfers the property to a new owner permanently.A mortgage deed is a conditional deed that transfers title to the bank only until the mortgage is paid and then the bank must release its interest.No. A quitclaim deed transfers the property to a new owner permanently.A mortgage deed is a conditional deed that transfers title to the bank only until the mortgage is paid and then the bank must release its interest.No. A quitclaim deed transfers the property to a new owner permanently.A mortgage deed is a conditional deed that transfers title to the bank only until the mortgage is paid and then the bank must release its interest.


Who pays for satisfaction of mortgage?

If the mortgagee (lender) fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute. A Satisfaction of Mortgage is a document signed by a mortgagee acknowledging that a mortgage has been fully paid by the mortgagor and that the mortgage is no longer a lien on the property. In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds.


You paid your car loan off can you sell it while waiting on the title?

No, you cannot sell a car without a clear, lien free, title. Wait for the clear title or you are asking for problems.


When should a purchaser ask for selling financing?

The best time for the purchaser to ask for selling financing is when the home is free and clear of a mortgage meaning that the seller has paid off their mortgage or it will be paid off using the purchaser's deposit.


How do you clear your title from ford motor credit?

If you have paid the loan off call Ford Motor Credit and ask for a lean release on the title. Then take the lean release to your local DMV and they will clear the title.


Can your sister continue to reside in a home that was bought for her by our deceased father if he willed it to her and he was the only mortgage holder?

Provided the estate is solvent, she should be able to obtain the title to the home, subject to the remaining mortgage. She can remain in the home, but will have to satisfy the finance company's lien on the home through a new mortgage or paying it off. There may be additional clauses in the will directing that the mortgage be paid off by the estate. The executor of the estate, or their legal counsel, will be able to answer these questions.


Are title insurance costs necessary from a lender for refinancing?

Your lender may well require title insurance. It protects you too, and it's not usually too expensive in the scheme of things. Your lender will typically require a Mortgage Policy coverage for any loan that will be in a first lien position or a high dollar HELOC (Home Equity Line of Credit). Please note that the Mortgage (Lender's) Policy does NOT cover you. It covers the lender only, and only for the life of the mortgage. Once the mortgage is paid off, the coverage no longer exists. This is why it is necessary to obtain mortgage title coverage every time you refinance, because you are creating a new lender/new loan interest in the property. An Owner's Policy covers your interest. If you purchased the house, typically you simultaneously obtain an Owner's Policy and a Mortgage Policy, if a lender was involved. An Owner's Policy covers all events up to your date of purchase. It is in effect for as long as you own the property.


Is a mortgage and deed the same thing?

No. The deed is the legal instrument that evidences ownership of land. A mortgage is an instrument signed by a borrower that grants the lender a security interest in the property under which the lender can take possession of the property if the mortgage note isn't paid.In title theory states a mortgage is sometimes referred to as a mortgage deed because the borrower actually transfers title to the lender. However, the lender's title is conditional. If the note is paid then the lender's interest in the property is released and the lander must record a discharge.