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The property's title remains in the trust until the loan is paid off, or satisfied, then it is released from the trust. To complete the release, the lender prepares a deed of reconveyance. This document states that the conditions of the loan have been met, and you have no further financial obligations to the lender.
A Release of Deed of Trust is a written request by the mortgage company or lender, their agent or attorney or a title insurance company to the Public Trustee. The purpose of the release is to remove all or a portion of the property from the lien created by a Deed of Trust.
In order to clear the Deed of Trust from the title to the property, a Deed of Re conveyance must be recorded with the Country Recorder or Recorder of Deeds. If the Trustee/Beneficiary fails to record a satisfaction within the set time limits, the Trustee/Beneficiary may be responsible for damages as set out by statute.
The Performance Deed of Trust, Used in California to Secure Obligations other than Payment of Money. A Deed of Trust in California can be used to secure contract obligations other payment of money. Usually, the primary obligation secured is the repayment of the loan.
When you pay off your loan, and you have a mortgage, the lender will send you, or the local recorder of deeds or office that handles the filing of real estate documents, a release of mortgage. Once you pay off the debt, the lender conveys back that temporary control to you.
When you pay off a mortgage, the original deed of trust is sent back to you by the mortgage holder marked paid or cancelled. This process usually takes up to 60 days, but because deeds are public records, you can check on the progress with your county registrar.
When you pay off your mortgage you might be required to pay the mortgagee (the lender) a final fee to cover administration and the return of your deeds). At this time your deeds will be sent to you for safekeeping. You can either keep them safe or ask your bank or solicitors to hold them for you.
Contact your lender to ask for the documents to be released. Obtain and save the original documentation related to your mortgage and loan. Verify with your local records office that your mortgage has been canceled.
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