Why does the mortgage company need my divorce decree?
Lenders want to see divorce decrees because that’s the only way to determine if there are any support payments between the two former lovebirds. If you’re counting on support payments to help qualify for a mortgage then the decree will verify the amounts to be paid and how long they’re to continue.
Who holds the deed on a house?
While you have a mortgage, the lender has rights to the property title until the loan is paid. If you buy a home without a mortgage, the real estate attorney or title company records the deed and issues a copy to you.
Do you get a title when you pay off a house?
You may be wondering what happens to deeds when mortgages are paid off, and whether you’ll officially receive the title to your home. In fact, the first thing you should look for after paying off your mortgage is a letter mailed to you by your lender, including several key documents related to your loan.