Question:

What happens after I make the last mortgage payment?

Answer:

After you send in the last mortgage payment, you will receive a "satisfaction of mortgage" and your mortgage note within several weeks.

If you have decided to prepay the several last months of the mortgage, you can't just mail the last three mortgage payments to the lender. What you should do is call them and find out what the standard procedure is for making the last mortgage payments altogether. That is, the lender probably has to do additional paperwork and perhaps they need to follow some internal set of rules. You can't just make an extra payment.

Also, make sure your mortgage no longer appears in your property records. Perhaps, it is your lender's obligation to file the satisfaction of mortgage at the country deed register office, but you may be the one responsible. This is something you will have to check.

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