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  1. #1
    jrwpmw is offline Registered User
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    Proof that I own my home?????????

    What is the name of your state?MO

    I'm close to paying off my mortgage. Once I make that last payment, what documents should I have the prove I own my home (you know, like a car has a title)!

    So what docs should the bank give me? Do any need to be 'retitled' in my name?

    Sorry for such stupid questions, but I've never paid a house off before - and I don't want any problems later on when I sell.
  2. #2
    John Se is offline Member
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    release and reconveyance

    deed of release and reconveyance recorded following the satisfaction of the mortgage
  3. #3
    jrwpmw is offline Registered User
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    Thanks - I assume the Deed of Trust is another document that I should keep with these items?

    My bank didn't say anything about the documents you mentioned - they said the lack of a mortgage on my home is the proof that I own it! I was going to make them at least write PAID IN FULL on the loan papers!

    Thanks for your help - but I have this feeling they are not going to be over helpfull in sending me these documents - I deal with a Credit Union and not a big bank. Do they by law have to proivde those docs?

    Thanks
  4. #4
    seniorjudge Guest
    Quote Originally Posted by jrwpmw
    Thanks - I assume the Deed of Trust is another document that I should keep with these items?

    My bank didn't say anything about the documents you mentioned - they said the lack of a mortgage on my home is the proof that I own it! I was going to make them at least write PAID IN FULL on the loan papers!

    Thanks for your help - but I have this feeling they are not going to be over helpfull in sending me these documents - I deal with a Credit Union and not a big bank. Do they by law have to proivde those docs?

    Thanks
    The following statute must be followed EXACTLY:

    [url]http://www.moga.state.mo.us/statutes/c400-499/4430000130.htm[/url]

    Missouri Revised Statutes
    Chapter 443
    Mortgages, Deeds of Trust and Mortgage Brokers
    Section 443.130

    August 28, 2004


    Liability for failing to satisfy--demand by certified mail required.

    443.130. 1. If the secured party, receiving satisfaction for the debt secured pursuant to this chapter, does not, within forty-five days after request and tender of costs, submit for recording a sufficient deed of release, such secured party shall be liable to the mortgagor for the lesser of an amount of three hundred dollars a day for each day, after the forty-fifth day, that the secured party fails to submit for recording a sufficient deed of release or ten percent of the amount of the security instrument, plus court costs and attorney fees to be recovered in any court of competent jurisdiction. In the event a document submitted for recording by a secured party is rejected for recording for any reason, such secured party shall have sixty days following receipt of notice that the document has been rejected in which to submit a recordable and sufficient deed of release.

    2. To qualify under this section, the mortgagor or his or her agent shall provide the request in the form of a demand letter to the secured party by certified mail, return receipt requested or in another form that provides evidence of the date of receipt to the mortgagor. The letter shall include good and sufficient evidence that the debt secured by the deed of trust was satisfied with good funds, and the expense of filing and recording the release was advanced.

    3. In any action against such person who fails to release the lien as provided in subsections 1 and 2 of this section, the plaintiff, or his or her attorney, shall prove at trial that the plaintiff notified the holder of the note by certified mail, return receipt requested, or as otherwise permitted by subsection 2 of this section.

    (RSMo 1939 3472, A.L. 1994 H.B. 1312, A.L. 1996 H.B. 1432, A.L. 2004 H.B. 959)

    Prior revisions: 1929 3085; 1919 2244; 1909 2850

    (1996) Cost means the recorder of deeds' fee for releasing the deed of trust. Murray v. Fleet Mortgage Corp., 936 S.W.2d 212 (Mo.App. E.D.).




    [url]http://www.courts.mo.gov/courts/pubopinions.nsf/ccd96539c3fb13ce8625661f004bc7da/cf7443255ac6857c86256f6200707d46?OpenDocument&Highlight=0,443.130[/url]
  5. #5
    jrwpmw is offline Registered User
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    Thanks! But in less legal terms, what does that mean!

    Quote Originally Posted by seniorjudge
    The following statute must be followed EXACTLY:

    [url]http://www.moga.state.mo.us/statutes/c400-499/4430000130.htm[/url]

    Missouri Revised Statutes
    Chapter 443
    Mortgages, Deeds of Trust and Mortgage Brokers
    Section 443.130

    August 28, 2004


    Liability for failing to satisfy--demand by certified mail required.

    443.130. 1. If the secured party, receiving satisfaction for the debt secured pursuant to this chapter, does not, within forty-five days after request and tender of costs, submit for recording a sufficient deed of release, such secured party shall be liable to the mortgagor for the lesser of an amount of three hundred dollars a day for each day, after the forty-fifth day, that the secured party fails to submit for recording a sufficient deed of release or ten percent of the amount of the security instrument, plus court costs and attorney fees to be recovered in any court of competent jurisdiction. In the event a document submitted for recording by a secured party is rejected for recording for any reason, such secured party shall have sixty days following receipt of notice that the document has been rejected in which to submit a recordable and sufficient deed of release.

    2. To qualify under this section, the mortgagor or his or her agent shall provide the request in the form of a demand letter to the secured party by certified mail, return receipt requested or in another form that provides evidence of the date of receipt to the mortgagor. The letter shall include good and sufficient evidence that the debt secured by the deed of trust was satisfied with good funds, and the expense of filing and recording the release was advanced.

    3. In any action against such person who fails to release the lien as provided in subsections 1 and 2 of this section, the plaintiff, or his or her attorney, shall prove at trial that the plaintiff notified the holder of the note by certified mail, return receipt requested, or as otherwise permitted by subsection 2 of this section.

    (RSMo 1939 3472, A.L. 1994 H.B. 1312, A.L. 1996 H.B. 1432, A.L. 2004 H.B. 959)

    Prior revisions: 1929 3085; 1919 2244; 1909 2850

    (1996) Cost means the recorder of deeds' fee for releasing the deed of trust. Murray v. Fleet Mortgage Corp., 936 S.W.2d 212 (Mo.App. E.D.).




    [url]http://www.courts.mo.gov/courts/pubopinions.nsf/ccd96539c3fb13ce8625661f004bc7da/cf7443255ac6857c86256f6200707d46?OpenDocument&Highlight=0,443.130[/url]
    Last edited by jrwpmw; 05-13-2005 at 12:20 PM.
  6. #6
    seniorjudge Guest
    Quote Originally Posted by jrwpmw
    Thanks! But in less legal terms, what does that mean!
    When you bought your land, you got a deed (probably a general warranty deed) that is recorded in the land deed records of the county where the land is. It says you own the land.

    When you borrowed money, the lender got collateral for the loan and the collateral was your land.

    To notify everyone that he has a lien on your land for your loan, the lender recorded a deed of trust showing that you owed him money and that your land was his collateral.

    When you pay off that loan, then you will get a deed of release (or, sometimes in Missouri, a quit claim deed) showing that the lien of the loan is no longer in effect.

    You need to carry that deed of release to the courthouse where the deed of trust was recorded. Make sure the deed of release is recorded; when it is recorded, that will show the world that the lien of the deed of trust is gone.

    If you do not get your deed of release within 45 days after paying it off, send a letter to the lender with the statute attached and tell them to comply with the statute.

    Obviously, do all the stuff with the lender in writing, keep copies of everything, and make sure it is sent certified mail, return receipt requested.
  7. #7
    jrwpmw is offline Registered User
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    Now that last explaination helped - thanks very much.

    In summary, it sounds like what I really need to keep is the "Deed of Release" and the "General Warranty Deed".

    But I can "archive" all of the "Deeds of Trusts", "Loan Papers", etc.

    Sound right?

    To better expain, I'm trying to understand what the most important paperwork that I need to keep in my safe deposit box is - now that my home is paid for. I have stacks of stuff from refis, etc. So, I'm just trying to get things organized a bit now.
  8. #8
    HomeGuru is offline Senior Member
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    Catatonic State
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    Quote Originally Posted by jrwpmw
    Now that last explaination helped - thanks very much.

    In summary, it sounds like what I really need to keep is the "Deed of Release" and the "General Warranty Deed".

    But I can "archive" all of the "Deeds of Trusts", "Loan Papers", etc.

    Sound right?

    To better expain, I'm trying to understand what the most important paperwork that I need to keep in my safe deposit box is - now that my home is paid for. I have stacks of stuff from refis, etc. So, I'm just trying to get things organized a bit now.
    ***A: the deed free and clear and your title insurance policy.

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