mortgage discharge

[Terry]

so if anyone has the answers

what's the process to discharge a mortgage..

can I get the paper work and get the people to sign off on it or does it get done electronically now and only lawyers can do it

 

what paper work do I need, if it can be done by me and or the people who hold the mortgage

 

just any info would help

I just want to know where I stand or sit ..thanks in advance

[drwxr]

contact the mortgagor (the bank) and they will prepare all paper work, then arrange the meeting and have a lawyer or real estate broker as a witness. Register the discharge in the land registration office, and save copy for your records. There is a discharge fee that you will have to pay.

[Twocoda]

i think we went in and did our last one by ourselves i think the penalty was 2% (3 years ago) or something like that for closing it prior to mature...i would have to ask the better half to be sure....ok just asked and she said i was the one that did it ...

[Terry]

the people holding the mortgage do not have the paper work and don't seem to care if I get the discharge, so it looks like I have to get everything going

[Tootsie II]

A good paralegal who specializes in title searches and conveyancing can probably do it for you and ensure its proper registration at the registry office for a lot less than a lawyer.

[rhare]

I've done it 3 times now and I used a lawyer each time. It was quite easy being they did everything I just had to sign and that was that.

 

By the sounds of the slack party on the other end I would use a lawer to make sure everything is done right.. just my .02

[irishfield]

Are we gonna have a mortgage burning party... or has that paperwork already been burned?

[Terry]

Are we gonna have a mortgage burning party... or has that paperwork already been burned?

 

seems the paperwork was the only thing to survive....LOL

there is always paperwork

but a party would be a good idea

[fisher]

Personally, I would not get my mortgage discharged but rather I'd put a secured line of credit against it so that the house looks encumbered by anyone who may try to scam you by commiting mortgage fraud.

 

There are thieves out there that look for properties that are mortgage free (info available through land registry) and then try to set up mortgages on it (and then run away with the money). One day you find out about the fraudulent mortgage and then the legal hassle begins.

 

In Ontario there is legislation that was recently drafted to protect homeowners against this but not sure it is in effect yet and what teeth it has. By keeping your home with a charge on it, it discourages someone from going after you since they can just go to your neighbour. Plus, you can get a good rate on a line of credit (for if and when you may need it).

 

Talk to your Banker (and there should be no fee to do this).

Edited February 28, 2012 by fisher

[mercman]

Dont have a clue Terry, but congrats !

[ch312]

i dont recall having to get a lawyer involved for the discharge. im pretty sure i just called the bank and told them id be making the last payment and would like the discharge papers mailed out.

 

being mortgage free is a great feeling and puts you in a great financial position. i paid off the mortgage early and there was zero penalty for doing so. id never get a mortgage from any bank that was going to charge me a fee for paying off my debt sooner than they'd prefer. crooks...

 

with our house being free and clear, obtaining a HELOC for 80% of the houses value at 2.5% was quick and getting approved for our next mortgage literally took less than 90 minutes after applying online.