Agent

Mortgage is paid off — now what?

How to handle releases, escrow accounts

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DEAR BENNY: I paid my mortgage off in late May. What should I expect to see in the way of documents? How do I really know it is complete? --L.DEAR L.: When you borrowed money to buy or refinance your home, you signed a mortgage document or a deed of trust. The latter is more commonly used throughout the country. Your lender recorded that document among the land records in the county where your property is located. Now that you have paid off your loan, there has to be something filed to indicate that the mortgage (or deed of trust) has been paid and released from land records. Different states have different forms: Some use simple releases, while others use certificates of satisfaction. Your lender will either arrange to file the release, or will send that release document to you for recording. You should make sure that the release has been recorded, and a helpful employee in the local recorder of deeds should be able to confirm this for you. Although not necessary, you should...