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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (17319)2/14/2004 2:15:49 PM
From: Wyätt GwyönRead Replies (1) of 306849
 
the lender's lien is released from the title when mortgage is paid off. at least in my case it was. as i recall i got a lien release in the mail from the lender, which i then filed with the county. so the public records would be updated with this information. there is always a possibility that some people are remiss about filing this, so county records could show liens that don't exist. but that simply implies a higher percentage of free-and-clear homeownership than is revealed by public records.

which means the home equity percentage of mortgaged households is even lower.

and that lender wouldn't know whether I still own the place or agreed to sell it to my cousin the next day in an installment sale with a privately held mortgage

to make a legal sale, i believe there would have to be a title transfer, and the lender would have a lien on the title.
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