what happens when your home mortgage is paid off?

I emailed my mortgage company and here is the response.


When a loan is paid off, a Lien Release is issued, accompanied by any additional required documents to be recorded and to reflect that the loan has been satisfied or paid in full. The Lien Release documents are processed and sent within the state time-frames allowed.

The lien release documents will be sent to the county recorder within 60 days of the payoff of your mortgage account.

The amount of time it takes to record the documents once they arrive at the Recorder's office can vary depending on the individual county's processes, and volume of mail the county handles.

We recommend keeping a copy of the 'Confirmation of Loan Payoff' letter that will be sent to you when your loan has been paid in full, as your personal confirmation for the payoff of your loan. If you wish to obtain a copy of the title transactions which have occurred on your property, your local County Recorder may be able to provide this information.

Real Estate - Zillow

Zillow is pricing my home to be about 35k less than what I have claimed in my NetWorth.

Often, these prices change every week(perhaps every day?) and I just don't want to track a number that's changing this often.

However, to be realistic I'll include Zillow pricing for the next month's NetWorth calculation and this would result in a lower NetWorth unless the stock market takes us to new highs! ;)

REDC Auction in Tampa

It was pouring down yesterday when I left work...Reached the Tampa convention center around 5.30pm and noticed that the garages is not manned anymore. You have to take the receipt as you drive-into the garage and then use that to pay for the ticket(at an automated machine) using your credit card or cash and then as you exit the garage stick that into the automated machine. There was only 1 person to man the entire garage..wierd!

The ballroom was almost filled with all sorts of people..from young to old including several single women!

Prior to bidding I was told there will be a bidding session where first-time bidders(like me) would be educated. It was a farce! and the session did not last more than 1-2 minutes..

Bidding started at 6.30pm.

I was disappointed with the loud speakers and quality of the audio..After I left the venue, I just wanted
quietness and had low tolerance to any sort of noise..

There were several properties to bid on, some in fairly good condition(you ascertain during open houses) and
some in uninhabitable conditions.

I did write down the final bids for several properties so it will help future attendees.

Bidding on a Home at an Auction

Have you considered bidding on a home at an Auction?

I don't really want to be a landlord but getting checks in the mail from rental property(after its paid off) can create security in retirement to counter the uncertain stock market!

REDC[ Real Estate Disposition Corporation] has been running TV ads non-stop for the past month and out of curiosity I visited their website..here is the link.

The website seems pretty informative but what they lack information is the type of auctions they hold.
Looks like they hold reserve auctions(like on Ebay - where, even if you are the highest bidder you may not have won!) rather than absolute auctions(where the highest bidder gets to own the property) And get this: they don't disclose the reserve price so you maybe bidding on more than what the property maybe worth..As always do your homework and bid conservatively...

What you need to know?

You need $5000(in cash or certified check payable to you) to be able to register for the event.

1. Visit the property if you can.
2. Mentally decide on a maximum price you'll bid on
3. There is a 5% buyer's premium added to your bidding price..
4. Be able to close within the 30 day period otherwise you'll lose your $5000 check and 5% buyer's premium..

Paying off Home Mortgage

One of my goals is paying down my mortgage within the next 3-4 years..

I have a 7 year ARM @ 5% and the ARM will adjust in the next 3 years and even though I have a cap at +2%( the highest rate that my ARM can re-adjusted to is 7%), I still feel paying down my mortgage debt is prudent considering the economic situation we are in now.

Yep. I have thought about the arbitrage opportunities(invest in stock market, other high yield funds/bonds) but the possibility of higher taxes in future alone will prevent most people(including me) from saving any of their income..

Am counting on the following to accelerate the principal payments!

• Savings from my paycheck...
  
• Any year-end bonuses...
  
• Any federal tax refunds...
  
• Substantial stock options appreciation...