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A deed of reconveyance, also known as a satisfaction of mortgage, is a document that proves you've paid off your mortgage. The deed of reconveyance releases the lien the mortgage lender placed on ...
Paying off your mortgage is a momentous event. But before you celebrate, follow these steps to make sure your loan is canceled and you're... So You Paid Off Your Mortgage.
A loan payoff letter: This document will show (down to the penny) what you need to pay off the remainder of your mortgage, plus any owed interest or fees. If you have paid everything off, it will ...
The mortgagor may be required to pay for Private Mortgage Insurance, or PMI, for as long as the principal of his or her primary mortgage is above 80% of the value of his or her property. In most situations, insurance requirements guarantee that the lender gets back some pre-defined proportion of the loan value, either from foreclosure auction ...
The mortgage runs with the land, so even if the borrower transfers the property to someone else, the mortgagee still has the right to sell it if the borrower fails to pay off the loan. So that a buyer cannot unwittingly buy property subject to a mortgage, mortgages are registered or recorded against the title with a government office, as a ...
Mortgage burning was a twentieth-century custom in the United States of America (U.S.A.) that was the ritual incineration of the promissory note (mortgage) upon satisfaction of the payment schedule by the purchaser (debtor, or mortgagor). This ritual was performed to celebrate the release of the debtor from further payment obligations, and was ...
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