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Key takeaways. 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 ...
Refinancing: Instead of prepaying, you can refinance your loan, trading in your old mortgage for a newer one. Refinancing can help you pay off your mortgage more quickly if you shorten the loan ...
If repaid on time, the lender would reinvest title using a reconveyance deed. This was the mortgage by conveyance (aka mortgage in fee) or, when written, the mortgage by charter and reconveyance [8] and took the form of a feoffment, bargain and sale, or lease and release. Since the lender did not necessarily enter into possession, had rights of ...
Deed-in-lieu of foreclosure. ... Short refinance. ... (800) 569-4287. If you have an Apple device, you can download HUD’s free Housing Counselor Locator app.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
Under common law, this type of deed technically created a use in the buyer who then gets the title. [3] Under the statute of uses, modern real property law disregards this subtle distinction. [citation needed] A bargain and sale deed is especially used by local governments, fiduciaries such as executors, and in foreclosure sales by sheriffs and ...
Refinancing and adding a borrower: Refinancing your mortgage and adding a second borrower lets you adjust the loan’s terms and rate. It may be easier to add another borrower by refinancing.
The names of these offices are usually the "Recorder of Deeds" or something similar. State statutes also prescribe the following elements: What instruments are entitled to be recorded, usually deeds, mortgages (whether or not in the form of deeds of trust), leases (usually longer term varieties), easements, and court orders. There is generally ...