How to Discharge Your Mortgage Payment
In today's real estate market, cash is the preferred way to purchase a home, but the most common practice used is to get a loan from a lender. By borrowing money, you are able pay off the seller and occupy the property as if it were already owned. Paying off the amount of money you owe is the feat all homeowners look forward to. By paying off your mortgage, you have satisfied your debt and you own your property free and clear. To effectively do this you must discharge your mortgage payment.
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Instructions
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Obtain a payout letter from the lender or mortgage company. This is the total amount required to pay off your loan. The objective of having a mortgage is to guarantee that the borrower will pay their debt. Once the debt is satisfied the mortgage is voided.
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Verify that the discharge letter, which you should receive from the lender once you pay off the loan, states "paid in full with no balance". Paying off a mortgage does not ensure it has been automatically discharged from the county clerk's office or Registry of Deeds, so this step is important.
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Fill out a copy of a discharge document, which can be found at your city county clerk's office, a website, or an attorney's office. There are usually costs involved, so be sure to find out what the fees are before submitting the discharge document.
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Mail your document or bring it into your county clerk's office or Registry of Deeds, where they can record it.
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Tips & Warnings
Discharging your mortgage payment is not always an easy task. If you find that filling out paperwork and calling to get accurate figures is difficult, look for assistance with an attorney or mortgage broker.
