Check details to pay off mortgage
Sunday, March 4th, 2007Q:Next month I will write my final mortgage payment check and I want to be sure all the related details of paying off the mortgage go smoothly. What steps should I take?
Daphne M.
Oakland
A: Congratulations on paying off your mortgage. Be sure to 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 should take no more than 30 days after the lender receives your payment.
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