3-Payoff and Deed of Reconveyance-Chapter 23
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23.3.3. Payoff and Deed of Reconveyance In a Deed of Trust, the Payoff and the Deed of Reconveyance are important steps that occur when the borrower (trustor) fully repays the mortgage loan. Here’s how they work: Payoff: Definition: The payoff is when the borrower completely repays the outstanding balance of the loan, including the principal, […]