I have the notorized deed to my home in New Jersey?

Does this mean I dont owe any money on the property?I mentioned this to a few people who own homes and they said that they dont have the deed yet as they are still paying mortgage paymets.I too am still making mortgage payments but I have the actual deed in my possesion now.Doesnt this mean I dont owe any money because I know for sure that if you finance a car you dont get the title until it is paid off

I have the notorized deed to my home in New Jersey?

The deed is the security agreement that ties the property to the Note. The deed is recorded, the Note is not. After the deed is recorded the original should be returned to the owner. The original Note and a Release of Lien is sent to the buyer when the Note is paid.

The reason you have the deed and still owe money is because in real estate, (unlike an auto purchase) the title is hypothicated. (you pledged the property without delivery of title)

Until you have the original Note, marked %26quot;paid%26quot; or %26quot;canceled%26quot; you still owe and pay.

I have the notorized deed to my home in New Jersey?

irrelevant.

at the county recorder, all notes

against properties sit. When the note

is paid off, the debtor must work

with the lender to have the note

show PAID.

AND in many states, [AZ and CA]

the driver still oweing money,

has a title that shows owner and

lender.

when the loan is paid off, the owner

must get the state office to remove

the lender from the title.

thus, a deed means legal right to

a property. NOT more, not less.

a lien--mortgage, note, means the

property is not DEBT free.

and in some cases, stupid people lend on a property and do not require

a county filed lien. That means

by law, that the owner does not really

owe any money on the prop!!

so, be happy when you have paid

off the lien and get the paid notice

from the lender and then, file it with the county!

till the couny has the notice and

files it, you owe!!

I have the notorized deed to my home in New Jersey?

Possession of the deeds, like titles, vary from state to state. What matters is the release of lien. You can have the deed of trust and in fact should have at least a copy of it so you can see what you agreed to, but there is also the note which is stating what you owe. The Deed of Trust/Mortgage is on file in your county clerks office, until the release of lien is filed the mortgagor still has a lien on the property.

I have the notorized deed to my home in New Jersey?

No, it does not. The deed is ownership, but you have a LIEN on your propety...that is the mortgage.

You can%26#039;t sell it without paying off the lien.

It doesn%26#039;t work the same as a car.

I have the notorized deed to my home in New Jersey?

You have the deed, because you hold title to the property.

As long as someone holds a lien against your property, you still owe money on it.