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Devereuxcorlett · Joined: 26 Jul 2009 Posts: 1 1.00 Dollars($)

I am borrowing money from a friend to pay off my mortgage for a home in Calif....What legal documents should be filed/recorded to protect the new lender should I not be able to pay the new loan or die? Should I go to the county offices for the paperwork. I understand the current lender, Wells Fargo, will prepare a reconveyence release once the current loan is paid off, which releases the lien.
Thanks

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

Devereuxcorlett,

you want to get out of this deal by paying all the dues.so you are borrowing the deficiate amount from your friend for this work.

you can get it done just by asking for no dues certificate from wells fargo.

keep in touch.....

Guest

What documents should be filed to protect the new lender? Should a lien be placed on the property?
Thanks

gmakerley · Posted: Sun Jul 26, 2009 7:10 pm Post subject:

don't mind manoj - he is off-topic most of the time, devereaux.

yes, a mortgage in favor of your friend would be the thing to do. draw up a note (or have it drawn up) along with a mortgage deed and then record them in the land records once you consummate the new loan. you are correct that wells will forward a release of the existing mortgage to you.

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