The Little-Known Secrets to a Deed of Reconveyance
What’s a deed of reconveyance?
A title is a document which transfers possession of a property from a trustee back to a borrower who has fulfilled the obligations of a mortgage.
The following states may use either our Deed of Reconveyance or Satisfaction of Mortgage depending on whether a mortgage or deed of trust was initially registered to secure the loan: Colorado, Idaho, Illinois, Iowa, Maryland, Montana, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah, Washington, Wyoming and West Virginia.
The following states should instead use a Satisfaction of Mortgage contract: Alabama, Arkansas, Connecticut, Delaware, Florida, Hawaii, Indiana, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Pennsylvania, Rhode Island, South Carolina, South Dakota, Vermont, and Wisconsin.
Mortgage Satisfaction Statistics
At elevated amounts, delinquency rates for mortgages remained by the end of 2012, they’ve shown steady progress, ending the year 32 percent lower in relation to the January 2010 peak. Moreover, following a year of regional development (marked by stark contrasts between judicial and non-judicial foreclosure states), the national foreclosure inventory rate started to decrease toward the end of 2012 from historic highs experienced during the catastrophe.
Besides presenting statistics on foreclosures and December delinquency rates , much of which was previewed earlier this month, The Lender Processing Services (LPS) Mortgage Track looked at other key issues including new Capable Mortgage Rules and shifts to servicing regulations.
LPS said that had the Consumer Finance Protection Bureau’s (CFBP) QM rules last week which were released existed at the housing boom’s height they would have limited at least 23 percent of loans. If those rules were in effect in 2012 only 2 percent would have affected.