How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lucy, Esq. Your Own Question
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 29083
Experience:  JA Mentor
26798026
Type Your Real Estate Law Question Here...
Lucy, Esq. is online now
A new question is answered every 9 seconds

TO PAY OFF MY MORTGAGE,FROMTHE BANK TO THE MORTGAGE

Customer Question

IM GOING TO PAY OFF MY MORTGAGE,FROMTHE BANK TO THE MORTGAGE COMPANY,IS THERE ANYTHING I NEED TO KNOW?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Lucy, Esq. replied 1 year ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today. Congratulations!

Most mortgages do not carry any sort of penalties or fees for paying off the loan early. However, you may want to check the documents, just in case. There should be a clause in there that says something like "no prepayment penalty." You could also ask the bank to check for you.

Once the loan is paid, the bank's lien will be removed and the lien removal is recorded for you. They should notify the county for you, so if they were paying your property taxes out of escrow, the bills will start coming to you directly but you might want to ask. If you were having property insurance or anything else paid by the bank from your escrow account, you may want to contact them just to make sure you get all the bills going forward.

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

Related Real Estate Law Questions