What is Full Reconveyance

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Icon Mini Profile kathy1761





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Post Posted: Tue Jul 14, 2009 11:28 am    Post subject: What is Full Reconveyance
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About three months ago we sold a home in a short-sale and owe $50,000 as a second on the home. We recently received letters of "Full Reconveyance" on both the first and the second. Can anybody tell me exactly what that means?
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Post Posted: Tue Jul 14, 2009 6:47 pm    Post subject:
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it means they released the liens on the property
kathy1761@gmail.com

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Post Posted: Tue Jul 14, 2009 6:50 pm    Post subject: reconveyence
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Does that mean they released us from the money owed? (wishful thinking)
Icon Mini Profile savior70





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Post Posted: Wed Jul 15, 2009 5:15 am    Post subject:
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Hi Kathy,

If you have received a deed of reconveyance from the mortgage holder on both the first and the second mortgage, it suggests you've been released from the liability of the mortgages. It seems the lender has forgiven the balance on the loan. This is an evidence that the mortgages have been paid.
t-roy

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Post Posted: Wed Jul 15, 2009 9:29 am    Post subject: question
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I had two loans (first and second) with Citi. I got the first modded at 4.25 percent. They charged off my second, sending it to an attorney for collections. Now what?
Icon Mini Profile gmakerley
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Post Posted: Wed Jul 15, 2009 9:36 am    Post subject:
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wow..."modded" is a new verb for the 00's i guess.

what that means is that you'll have a collection agency to deal with regarding your second mortgage. that's for payments; the lien still remains on your home, and they'll hope that the value of your property increases while your first mortgage declines so they can get back some of their money.

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Post Posted: Wed Jul 15, 2009 9:40 am    Post subject: question
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do they negotiate? My house is not worth what I owe on the first. Not even close.
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