How to Get a Reconveyance Deed When the Mortgage CompanyIs Out of Business

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Unfortunately, mortgage companies are just as prone to going out of business as regular companies. Find out how to get a reconveyance deed when the mortgage company that owns your house has gone out of business with help from a business consultant in this free video clip.

Part of the Video Series: Finance & Business Advice
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Video Transcript

Hi, my name is Alexis Guerreros. I'm a business consultant. Today, I'm going to talk to you about how to get a reconveyance deed if the company that owns your mortgage is gone out of business. This happens from time to time. Most mortgages or loans go for 30 years and sometimes those businesses come and go. What's important to know is that all of them don't really leave. What happens is they are purchased out and they'll have a successor. Now these guys will actually own the documentation or own your loan. So once you've completely paid off your mortgage, your successor mortgage company will actually have the information to give you a reconveyance deed. Now if that doesn't happen make sure you do a little research to track down as best you can to who were to last person that owned your loan was. Typically, that information will either be on the stub that you receive or some other information that maybe it's even been credited over to the deed of the house, make sure you do look that up. If nothing else happens, there's actually some companies that can give you a lost note deed, or do that for you. Now they do charge a fee I mean that is their primary source of income. What they can actually help you do is retrieve some of the documentation that you will need to declare that you've paid off the loan on your house. Very important if you ever decide to either do your taxes later on or sell the house in the future. Good luck with the sale of the house.

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