paying off rental, what should i get from lender?
Hi BP,
I've read a few posts and googled and based on my previously paid off properties I now wonder if I'm missing necessary documents (note) from the lender.
Another property that will come up for being paid off so I want to understand 1st do I need to go back to the lenders and request an official document be sent to me and what to be prepared for with the upcoming one when the dust settles.
By definition I know that I sign 2 documents at closing, mortgage or deed of trust and the "note" that I promise to pay.
I paid off the "note" on 2 previous properties and what I have in my records are copies of the "satisfaction of mortgage" or "release of lien" of the mortgage. These were recorded by the local municipality initiated by the lender and I was sent copies after the recording.
This is a definition snippet of steps when paying off a mortgage and how to mark paid in full on a promissory note that I found (full text here)
http://smallbusiness.chron.com/mark-paid-full-prom...
Step5 - Mail the original promissory note to the borrower. Once the borrower receives the promissory note, the borrower should let the lender know that he has received the original promissory note. To ensure that the borrower has received the original promissory note, the lender should send the promissory note via certified mail, return receipt requested.
According to this statement I should have received the original promissory note from the lender and I don't have that.
After paying off two homes I feel as though I don't have all of what should have been sent to me.
Can anyone help me determine what I should be receiving or need to get from the lender/local municipality(if)?
I know what documents I have and what they say and there is nothing that is an "original".
Thanks so much....
Daria