California Release of Mortgage / Deed of Trust - Full Release
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How to fill out Release Of Mortgage / Deed Of Trust - Full Release?
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FAQ
A deed of release literally releases the parties to a deal from previous obligations, such as payments under the term of a mortgage because the loan has been paid off. The lender holds the title to real property until the mortgage's terms have been satisfied when a deed of release is commonly entered into.
Most foreclosures on deeds on trust in California are nonjudicial foreclosures. In the nonjudicial foreclosure process, the lender first files a Notice of Default with the county recorder. The Notice of Default includes the following information: The amount of money the borrower is late paying.
When a deed of trust/mortgage is paid in full, you can record a Full Reconveyance from the trustee stating publicly that the loan has been paid. The Full Reconveyance Form is completed and signed by the trustee, whose signature must be notarized.
California Civil Code §882.020 provides that a DOT has a statute of limitations of 60 years following the DOT's recording if the DOT neither includes a copy of an underlying promissory note nor indicates the date the obligation matured. Otherwise, the statute of limitations is 10 years from the maturity date.
A Release of Deed of Trust is signed and executed by the Current Owner of the Evidence of Debt (Lender) when the note is paid in full and then submitted to the Public Trustee of the county where the property is located.
1) A D.O.T. is much easier to foreclose upon then a mortgage because the process to foreclose on a D.O.T. bypasses the judicial process. Assuming the Trustee gives the right notices (Notice of Default and Notice of Sale) the process will go to sale without court involvement at all.
A deed of trust gives the lender a lien on the secured property to satisfy the obligation under the note if it is not paid.
