In the state of Oregon, I have found that all I need is a mortgage note and a deed trust recorded with the courthouse when I refinance my second mortgage. I currently have my 2nd mortgage with Home financial. I plan to refinance with a private individual. I prefer not to use a title company and would prefer to handle the paperwork and filing myself. However, I am having trouble finding the right forms to fit this scenario. The forms in my current loan packet do not seem to apply. What is the correct format, form, or what are the requirements for the trust deed and the note that must be filed? Where can I purchase, download or find?
Well, you might not like this advice, but I wouldn't want to perform brain surgery on myself. If you have a real estate transaction, shop around and find a real estate attorney or title company (practices vary in different parts of the country) who will handle it for you. You need to make sure that the first mortgage is not inadvertently called. You need to review the first mortgage documents to determine notice requirements, etc. to the first lender. The lender on the second will want protection and might want his/her attorney handling it. You didn't mention who the lender is. Is it family? There are income tax issues on family loans if the interest rate charged is not sufficient. If there is a divorce what happens with the funds? Are there transfer fees? Do you have to report the refinance to the IRS? Is the new second charging points? Can you deduct them? Does the new lender want to be named in the title policy? It should be a simple and inexpensive transaction for a local real estate attorney or title company, but given the myriad of issues isn't it better to have someone handle it? If you use a title company will they address all of the issues that might apply? This list is not necessarily complete. If you still feel that you want to go it alone you probably can get standard forms from an office supply store in your area. Many real estate groups publish forms suitable for local use.
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