A deed of reconveyance is a legal document that conveys title of real property back to the original owner, following the satisfaction of a debt secured by that property. A deed of reconveyance is typically used in the context of a mortgage loan, where the property is used as collateral for the loan. If the borrower defaults on the loan, the lender may foreclose on the property and sell it to repay the debt. Once the debt is repaid, the lender will provide the borrower with a deed of reconveyance.
What document transfers ownership of a mortgage and note from the original mortgage to an investor?
A mortgage is a legal document that pledges a property as collateral for a loan. The mortgage document spells out the terms of the loan, including the interest rate, the length of the loan, and the monthly payments. The note is a promissory note that the borrower signs agreeing to repay the loan. Together, the mortgage and the note transfer ownership of the loan from the original lender to the investor.
How do you prove your house is paid off? If you have a mortgage, the easiest way to prove your house is paid off is to show the lender your mortgage statement or account. This will show the remaining balance on your mortgage, which should be zero if you have paid off your house. If you have paid off your house in full, you should also have a document from your lender confirming this. What document is available to the mortgagor when the mortgage debt is completely repaid? The mortgagor will receive a satisfaction of mortgage document from the mortgagee when the mortgage debt is completely repaid. This document is evidence that the mortgage has been paid in full and is no longer outstanding.
Is satisfaction of mortgage the same as a deed?
A satisfaction of mortgage is a document that proves that a mortgage has been paid in full and that the mortgage is no longer in effect. A deed, on the other hand, is a document that transfers ownership of a piece of property from one person to another.
What are the two types of conveyance?
The two types of conveyance are legal conveyance and equitable conveyance. Legal conveyance is the transfer of title to real property from one person to another person or entity. Equitable conveyance is the transfer of an equitable interest in real property from one person to another person or entity.