realestatelawyer
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I agree with all of the previous answers that say you don't need a lawyer for this. Call the customer service number on your monthly statement, ask for a payoff amount and make sure that there is no prepayment penalty.
HOWEVER, you have to make sure that the lender has the discharge of the lien recorded properly. Most lenders will do this and include the recording charge in the payoff amount. But not all lenders do it. They send you a discharge and you are responsible for having it recorded. So when you speak to the customer service people make sure you ask them if they will be recording the discharge. If the discharge doesn't get recorded then a lien will continue to show up against your property in a title search. |
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BoomChikkaBoom
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You can do it yourself.
Contact the bank for a payoff statement and follow the instructions. Make sure you ask for an official payoff statement which includes fax & recording fees ... not just the "your current balance is $$$$" type of statement. You will know it is the right form because it will tell you where to send the funds if you use an overnight service versus regular mail, what form the payment needs to be in, wire instructions in case you want to do it that way, and so forth.
Make sure that you record the mortgage discharge with the county after you receive it if the bank doesn't do it automatically. I have seen more title problems from unrecorded discharges than anything else. |
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GRUMPY
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NO lawyer is needed for this. Just go into the bank and tell them to apply this money towards your principle. If there is enough to pay the mortage off it'll be done. Don't need a lawyer. I PAY extra on my principle EVERY Friday and in just four years that I've owned my home I have already brought my mortage down 12,000.00 dollars. This amount for four years is a good amount. Anyway, if ya got the cash go for it. |
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Hot Pants
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You can contact your lender directly for a payoff statement.
It is actually good for your credit to have a mortgage, even if it's a low amount. It also gives you a tax break.
Consider paying it down, but keep a small balance and invest some. You need to save for retirement too! |
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dawn18417
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Just call the bank and ask them for the payoff amount as of the date you want to pay off loan.Then make a final payment on that date.Within 3 weeks you should recieve the original deed for the property if you do not recieve it call bank and inquire about the holdup of deed.If deed still is not delivered then hire a lawyer. |
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ladytoobusytotalk
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No get in touch with them directly. If you get a lawyer you will have to pay extra. I would only contact a lawyer if the pay off amount didn't sound correct. Do they send you a statement
each year showing what you owe? Just ask them to send you a statement showing what you have paid and what you owe and look at it and see if it looks right. Some lawyers are expensive. If you feel the paperwork is not right contact a lawyer and have them look at the paperwork. |
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Blueboofrog
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Call the mortgage company and ask for a pay off amount. This will differ from the amount shown on your monthly statement as it will take into account the interest rate that you will no longer need to pay. They will mail you the amount due. Pay it and they will send you a release of lien on the property. You do not need a lawyer. |
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da_hammerhead
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Go to the bank. Request the payoff amount. Pay it. Collect deed. |
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Juanita
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No need for a lawyer. You need to establish if there is a prepayment penalty on your mortgage. I would find that out first. If you don't have one, contact your bank and pay the mortgage. |
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Isy
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Look at the note/contract that you signed and see if you have to pay a penalty for paying it off early.... Then go from there. |
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bidia
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i think the bank directly. |
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