Posted by dewCO on August 06, 2001 at 12:07:30:
#1–Depands on your area, check with lenders and see what they say.
#2–One gets a copy of the original note marked paid in full and the holder of the note signs a release of deed of trust (in my state any way). The County trustee gets the original paid off note and the property owner gets the release of deed of trust which can be recorded, or just shown to the title company when you need to prove it been paid off.
refinance/seasoning/2nd mortgage paid off? - Posted by jkf
Posted by jkf on August 05, 2001 at 15:09:09:
Does anyone know where I can refinace a investment property (single family home) without having the 6 months seasoning? I know this question was asked before on this site, but I cannot seem to find it. I also have a home that I purchased that has a second mortgage with the seller. The second is stated in the purchase contract along with the 1st from the bank that financed me. The contract is listed in the county courthouse. How does my seller go about imforming the courthouse that the second is paid off in advance? What document would I recieve stating that the second is paid off? Thanks in advance.