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          What Happens When I Pay Off My Mortgage?

          Chuck Marunde by Chuck Marunde
          September 16, 2011
          Reading Time: 2 mins read
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          Now that so many retirees of this generation are paying off their mortgages, the question often comes up, what happens when I pay off my mortgage?  How does that work, and how fast is the property free and clear in the land records?

          The Process When I Pay Off My Mortgage

          In Washington what we call a mortgage is actually a note and deed of trust, and when the note is paid in full, a reconveyance is recorded by the beneficiary, and your property is free and clear.  (There is such a thing as a mortgage, but it’s not used much in residential real estate anymore.)

          Pay Off My Mortgage

          Pay Off My Mortgage and Requesting a Reconveyance

          When you pay off your mortgage, the trustee (the Trustee named in your deed of trust, usually a title company) will send the beneficiary (the bank) a Request for Full Reconveyance, and when the Reconveyance is signed by a bank officer, it is recorded, and Voila! your real estate is free and clear.

          I was asked today by a client, “When I pay off my mortgage, how soon does the reconveyance (or satisfaction for an old mortgage instrument) have to be recorded showing that my property is no longer subject to a loan?”  The answer is 60 days.  The reconveyance may actually be recorded in a matter of a couple of weeks, but there is a Washington statute that addresses this:

          If the mortgagee fails to acknowledge satisfaction of the mortgage as provided in RCW 61.16.020 sixty days from the date of such request or demand, the mortgagee shall forfeit and pay to the mortgagor damages and a reasonable attorneys’ fee, to be recovered in any court having competent jurisdiction, and said court, when convinced that said mortgage has been fully satisfied, shall issue an order in writing, directing the auditor to immediately record the order.  This comes from RCW 61.16.030.

          Pay Off my Mortgage on a Sale

          If you refinance your home or sell your home to a buyer who finances the purchase (or pays in cash), the same process will have a reconveyance recorded on your loan.

          Now you know the answer to the question, what happens when I pay off my mortgage?

           

          Last Updated on September 16, 2011 by Chuck Marunde

          Tags: pay off mortgagereconveyance
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          Chuck Marunde

          Chuck Marunde

          Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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          Comments 1

          1. Rosalie says:
            6 years ago

            Wonderful article! We are linking to this great article on our site.
            Keep up the good writing. Cheers, Rosalie

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