Cliff Rohrabacher
08-06-2008, 11:02 AM
That the mortgage companies let things slip through the cracks.
Contact your new mortgage company and make sure they noticed the Recorder of Deeds for your area that they extinguished the old mortgage interest
Things that the industry calls it are :
Cancellation of Record
Assumption of interest
Re-Conveyance
(I'm sure there's more )
What ever they call it you must make sure that they do it. Otherwise you'll have clouds on your title. Then when you get around to dealing with it under the deadline of a pendant loan approval you may find your time a tad too short and the hundreds of phone calls you have to make a real bear.
Half the loan people you'll talk to don't know diddly and the industry is in constant flux so that the company who used to service the mortgage may have been purchased by some other bank and getting the right person to pay attention ( let alone on the phone ) can be a problem.
Contact your new mortgage company and make sure they noticed the Recorder of Deeds for your area that they extinguished the old mortgage interest
Things that the industry calls it are :
Cancellation of Record
Assumption of interest
Re-Conveyance
(I'm sure there's more )
What ever they call it you must make sure that they do it. Otherwise you'll have clouds on your title. Then when you get around to dealing with it under the deadline of a pendant loan approval you may find your time a tad too short and the hundreds of phone calls you have to make a real bear.
Half the loan people you'll talk to don't know diddly and the industry is in constant flux so that the company who used to service the mortgage may have been purchased by some other bank and getting the right person to pay attention ( let alone on the phone ) can be a problem.