Bought home, what doc do we need to keep for ROC?

[JNC09 5]

We just bought our first home! yay. I just looked through the documents and i'm not really finding a document that i can submit to prove we bought a home together, we don't have the title as we have a mortgage. the only doc i have is the mortgage payments. is this enough? Am i supposed to have a deed?

[Cheezees 1,514]

You don't have a deed/title? How would you prove ownership (outside of the ROC )? This needs to be rectified immediately. The mortgage is a separate thing altogether.

[JNC09 5]

I'm not sure! we just signed for it a few days ago is it supposed to just arrive in the mail? I thought because the lender technically owns the house until we pay off the mortgage that we wouldn't receive a title!?

[Cheezees 1,514]

I picked up my deed in person. Speak to the realtor. Yes, technically the bank owns all of our houses until the mortgage is paid off. However, what is to stop someone else from moving into your home? Without the deed, you are no more the owner that I am. A mortgage on its own does not prove ownership.

Edited June 30, 2016 by Cheezees

[JNC09 5]

Geez, so i need to get the deed asap! Can;t believe they didn't mention it to me. Thank you!

[JNC09 5]

I just found a page in the photocopied book we got from them, it states DEED OF TRUST is this enough? It doesn't really look official or anything, its just half a page of a photocopied document, not stamped or anything!

[Cheezees 1,514]

I'm not sure. Mine is official with a stamp but I cannot recall how long it was before I was able to collect it. If you'd like to include the house in your ROC, the deed would go a long way as you would not have a long history of mortgage payments. Just speak to the realtor or look over there paperwork you got at signing. Unlike a car, you get the deed/title even if it it not paid off yet.

[MnMJourney 28]

Geez, so i need to get the deed asap! Can;t believe they didn't mention it to me. Thank you!

Congratulations on the home purchase!

And no, you don't need a deed - and since you have a mortgage, you will not have a deed.

Depending on which state you're in and which lender you used, you either have a just your mortgage documentation, or a Deed of Trust. Your closing docs typically establish that you've taken a mortgage - and will own the property if/when its paid off. You do not own anything at this moment.

For ROC purposes, if the mortgage is in both your names, submit either the closing docs, or even a monthly mortgage statement. You want to prove cohabitation and co-mingling of assets/finances, which either of those will satisfy.

Good luck!

[Cheezees 1,514]

Congratulations on the home purchase!

And no, you don't need a deed - and since you have a mortgage, you will not have a deed.

Depending on which state you're in and which lender you used, you either have a just your mortgage documentation, or a Deed of Trust. Your closing docs typically establish that you've taken a mortgage - and will own the property if/when its paid off. You do not own anything at this moment.

For ROC purposes, if the mortgage is in both your names, submit either the closing docs, or even a monthly mortgage statement. You want to prove cohabitation and co-mingling of assets/finances, which either of those will satisfy.

Good luck!

Good to know! In my state (Wisconsin), I got both. The mortgage is in my name only but my husband's name is also on the deed. That's his only proof of ownership since he is not on the mortgage. Thanks for the info! Edited June 30, 2016 by Cheezees

[MnMJourney 28]

Good to know! In my state (Wisconsin), I got both. The mortgage is in my name only but my husband's name is also on the deed. That's his only proof of ownership since he is not on the mortgage. Thanks for the info!

Perhaps possible, typically the lender issues either. If the state allows Deed of Trust, its preferred to the lender as they can bypass the courts for a faster foreclosure.

Either way - the actual property is recorded at the County Clerks office in your Lender's name or the Trustee, that has recourse to the Title. When the loan is paid of the lien is removed, and the property registered in your name. The lender usually sends you the title then, but if not, you can go to the Clerk's office at that time and get it yourself.

[Cathi 5,607]

hmmmm you didn't get documents at closing????Of course you did, send them the closing packet.

[vbtwo 54]

In NYC, we got the copy of the mortgage agreement, and copy of deed at the closing. The original deed was taken by the title company to give to be officially recorded by the city. It was then sent back to my lawyer a few weeks later, and the lawyer sent it to me. The mortgage document was also recorded by the city and the original sent back to the bank.

Even with a mortgage, as far as the city is concerned, the owner is not the bank, but us. Thus the deed lists us as the owners, and has no mention of the bank at all. The mortgage agreement then says that the bank gets certain rights to the property in case we fail to pay. This could be different in other places, but this is how it works in NYC.

We sent in a copy of the mortgage agreement that lists us both, and a copy of the deed that lists us both.

[NikLR 13,220]

You should have a copy of the deed or title. We have a copy of ours (the title company holds the original) and have a mortgage. Contact the title company and your realtor. Is the mortgage in both names?

[Cheezees 1,514]

In NYC, we got the copy of the mortgage agreement, and copy of deed at the closing. The original deed was taken by the title company to give to be officially recorded by the city. It was then sent back to my lawyer a few weeks later, and the lawyer sent it to me. The mortgage document was also recorded by the city and the original sent back to the bank.

Even with a mortgage, as far as the city is concerned, the owner is not the bank, but us. Thus the deed lists us as the owners, and has no mention of the bank at all. The mortgage agreement then says that the bank gets certain rights to the property in case we fail to pay. This could be different in other places, but this is how it works in NYC.

We sent in a copy of the mortgage agreement that lists us both, and a copy of the deed that lists us both.

You should have a copy of the deed or title. We have a copy of ours (the title company holds the original) and have a mortgage. Contact the title company and your realtor. Is the mortgage in both names?

This is exactly how it was in Wisconsin as well. We were able to pick up the deed and I had proof of an established mortgage payment plan. The realtor stressed that the deed is what shows ownership and joked that while the title company processed it, he'd send over some squatters to our house. We had a good (nervous) laugh about that.

[NikLR 13,220]

The title company holds ours for a small fee which is paid from our escrow. This way we didnt need a bank lockbox. I wouldn't keep a deed in my home for various reasons.