What documentation do I need to prove I have paid off my mortgage?

[dj_paige]

What is the name of your state (only U.S. law)? New York

I paid off my mortgage a few years ago. In looking through my records, I do not see any letter from the bank confirming that the loan is entirely paid off. Now I don't think this is a recordkeeping error on my part, as I believe such a letter was never received (but I'm not 100% sure).

Anyway, I have other documentation, including a receipt from the bank on the day the load was paid off, showing a balance of 0. I also have credit reports over several years showing the loan has a zero balance.

Do I need the letter from the bank, or is my other documentation sufficient?

 

[justalayman]

To whom do you need to prove it to? Was there a mortgage (not a mortgage loan but an actual mortgage) recorded? Has it been released and recorded as such?

 

[dj_paige]

At the moment, I don't need to prove this to anyone.

However, I would like to be sure my recordkeeping is complete just in case there should ever be a dispute over whether or not I have paid off the loan, and just in case I choose to sell the house.

Right now, I'm guessing there is a gap in my records that needs to be filled, but I don't really know. That's what I am hoping someone will tell me.

With regards to a mortgage recorded, I think there was, but I don't really know. Can you explain further?

 

[HomeGuru]

At the moment, I don't need to prove this to anyone.

However, I would like to be sure my recordkeeping is complete just in case there should ever be a dispute over whether or not I have paid off the loan, and just in case I choose to sell the house.

Right now, I'm guessing there is a gap in my records that needs to be filled, but I don't really know. That's what I am hoping someone will tell me.

With regards to a mortgage recorded, I think there was, but I don't really know. Can you explain further?

**A: get a current title report. If there is no mortgage on title then you do not have anything to worry about. Generally a mortgage is recorded on title and released when paid off.

 

[dj_paige]

**A: get a current title report. If there is no mortgage on title then you do not have anything to worry about. Generally a mortgage is recorded on title and released when paid off.

Where do I get such a thing? County clerk?

 

[FlyingRon]

Often you can find a letter of satisfaction showing the security being released. Yes, you'll find it at the courthouse with whoever records deed.

However, that mean SQUAT to you. It shows that the loan was paid off NOW but it doesn't mean the bank could decide they screwed up releasing the security and put it back in place.

You could always ask the bank to certify you paid the loan off but even that's not a guarantee.

The only guarantee is to pay for a title search to show no liens and title insurance to warrant that search.

 

[You Are Guilty]

NYC or NYS? It's possible you can check online.

 

[dj_paige]

Often you can find a letter of satisfaction showing the security being released. Yes, you'll find it at the courthouse with whoever records deed.

However, that mean SQUAT to you. It shows that the loan was paid off NOW but it doesn't mean the bank could decide they screwed up releasing the security and put it back in place.

You could always ask the bank to certify you paid the loan off but even that's not a guarantee.

The only guarantee is to pay for a title search to show no liens and title insurance to warrant that search.

Well this is disturbing. You are saying that even though the bank tells me there is 0 balance on the mortgage (and has reported that to the credit agencies), they can re-do their calculations and all of a sudden I can owe them $12,000 (and by the way, I'm delinquent). Even when I can show that I have paid every cent owed, and can reproduce the exact calculations given the specific amount borrowed and the specific interest rate on the loan, I'm not protected?

How does a title search and insurance protect me?

 

[FlyingRon]

What I am saying is that just because they released the lien doesn't mean they can't reinstate it. Had it happen to me. In my case, Chase had erroneously sent me:

1. A letter thanking me for paying off my mortgage
2. The balance of my escrow impound
3. Released the lien with the borough.

After they figured out that they screwed up they started jumping up and down demanding the escrow, missing payments, and they reinstated the lien.

I told them to go take a hike and used a second on my other property to pay off the balance.

 

[HomeGuru]

Well this is disturbing. You are saying that even though the bank tells me there is 0 balance on the mortgage (and has reported that to the credit agencies), they can re-do their calculations and all of a sudden I can owe them $12,000 (and by the way, I'm delinquent). Even when I can show that I have paid every cent owed, and can reproduce the exact calculations given the specific amount borrowed and the specific interest rate on the loan, I'm not protected?


**A: yes in a way, read my post. Your writing is very confusing.


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How does a title search and insurance protect me?

**A: a title search does not protect you but provides the information with respect to checking to see if the mortgage is still on title. If it is, then it was not released and remains an encumbrance on title until it is released. Title insurance will not protect you from this mortgage issue if the mortgage was already on title at the time you purchased the title insurance. Read your policy.