Full Reconveyance Letter - Page 2
What is full reconveyance letter?
A full reconveyance letter is a legal document that acknowledges the payment of a mortgage loan and releases the borrower from any further obligations related to the mortgage. This letter is issued by the lender or the trustee involved in the mortgage transaction. It acts as evidence that the loan has been fully repaid and the borrower now has full ownership of the property.
What are the types of full reconveyance letter?
There are two main types of full reconveyance letters:
Voluntary Reconveyance: This type of letter is issued when the borrower willingly repays the mortgage loan in full. The borrower initiates the process by requesting the lender or trustee to issue the reconveyance letter.
Foreclosure Reconveyance: This type of letter is issued when the lender forces the borrower to repay the outstanding loan amount due to default or foreclosure. The lender initiates the process by legally reclaiming the property and issuing the reconveyance letter.
How to complete full reconveyance letter
To complete a full reconveyance letter, follow these steps:
01
Contact the lender or trustee involved in the mortgage transaction to request the reconveyance letter.
02
Provide all the necessary information, including your name, property address, loan account number, and any other details requested by the lender.
03
If applicable, submit any required documentation or proof of payment, such as copies of payment receipts or bank statements.
04
Pay any fees or charges associated with the reconveyance process, if applicable.
05
Review the draft of the reconveyance letter provided by the lender or trustee, and make sure all the information is accurate and complete.
06
Sign the reconveyance letter in the presence of a notary public, if required by the lender.
07
Submit the signed reconveyance letter to the lender or trustee.
08
Keep a copy of the reconveyance letter for your records.
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Questions & answers
How do you read a substitution of trustee and full reconveyance?
A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien. Most importantly, a deed of full reconveyance, known as a satisfaction of mortgage in some states, transfers title back to the borrower.
What is the purpose of a reconveyance?
A deed of reconveyance indicates that you've fully paid off your mortgage on your home, representing the transfer of ownership from your mortgage lender to you. Over the time you repaid your mortgage, you legally owned the property, but the lender held the mortgage lien, or claim, to it.
Is a full reconveyance the same as a deed?
Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been paid in full and the lender no longer has an interest in your property.
What is a full reconveyance letter?
When a deed of trust/mortgage is paid in full, you can record a Full Reconveyance from the trustee stating publicly that the loan has been paid. The Full Reconveyance Form is completed and signed by the trustee, whose signature must be notarized.
Why did I receive a full reconveyance letter?
Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been paid in full and the lender no longer has an interest in your property. With your mortgage or deed of trust paid off, you cannot be foreclosed on by a financial institution.
What is a substitution of trustee and full reconveyance in California?
In a nutshell, the Substitution of Trustee and Deed of Reconveyance is a legal document that evidences security interest is being release by a lender. In most cases, the document shows that a loan has been paid off. Property owners may even receive this document if they have refinanced a loan.
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