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How to Discharge Your Mortgage

Discharging your mortgage is something that all homeowners look forward to but not all achieve.

A mortgage discharge means you have paid off the mortgage loan and the property is now all yours, without the bank owning any portion of it. Once you do this, some paperwork needs to be completed and filed.

Ask for a payoff letter. This is a letter from your mortgage lender that tells you the amount you owe on the loan. Knowing how much you owe can help you plan accordingly. A payoff letter can also verify that you do not owe anything.

Examine the mortgage discharge letter, which your lender should send you. It will state that you are paid in full. Make sure that you receive this, because without it you will not have proof from your lender that you have paid off the mortgage.

Complete your state's discharge document. This will release the deed to the house and land to you. You can typically find the discharge documents at your city clerk's office, a website or an attorney's office. Most likely, there will be a cost associated with this.

Take or mail your paperwork to the county clerk's office. If you do not know where the office is, the paperwork can go to the registry of deeds, which will file and record the information as soon as possible.

Contact a professional if needed. Mortgage law can be complicated, so don't hesitate to contact a tax professional for help.