refinancing through private individual

[maryla]

What is the name of your state? MO

I am refinancing my 1st and 2nd mortgages through a private individual. I have a promissory note drawn up for the new loan amount. I realize the 2nd mortgage holder will have to issue a release. Do I simply draw up a new deed of trust to replace the old deed of trust filed when we purchased the home?

 

[MortgageGuru]

Contact a local Title Compnay and have them take care of the closing and recording issues.

 

[maryla]

Local title company said they only handle deeds when a transfer of property occurs.

 

[HomeGuru]

Local title company said they only handle deeds when a transfer of property occurs.

**A: then go see a real estate attorney.

 

[maryla]

I thought that was why I asked the question here. Sorry to bother you guys!

 

[HomeGuru]

I thought that was why I asked the question here. Sorry to bother you guys!

**A: the you thought wrong. We are here to help provide general legal advice. We are not your personal real estate attorney.

 

[Ciarraine]

Local title company said they only handle deeds when a transfer of property occurs.

Call a bank or mortgage broker and ask them to recommend another title company which does a lot of refi business.

Basically one way or another, you're getting an attorney: either the title company's attorney or one in a seperate practice. HomeGuru is characteristically correct but extremely rude.