View Full Version : when you Re-Fi don't forget

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
(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.

Mitchell Andrus
08-06-2008, 11:53 AM
Paid off my mortgage a few months ago. Same thing... took a bunch of calls to get them to follow through on the paperwork.

Kevin Arceneaux
08-06-2008, 2:13 PM
I just refinanced a couple of weeks ago. The Title Company did excellent work making sure that the title was clear. There were problems with the bill of sale for the property. My Dad, Uncle, and I had really screwed it up. They took care of it.

The loan folks just set up the deal, it was the Title company that took care of the rest.

Not bad considering I did 99% of it over the phone and emails from 5,000 miles away.