Note satisfied-Documents from DVC?

[WilsonFlyer]

An interesting question was posed over on the DVC FB Fan page asking if you receive any documentation from DVC once a note is satisfied and paid in full.

Many smart-alec comments ensued. None of them answered the OP's question.

With any other mortgage, you are entitled to receive a notarized and registered copy of the release of your note and deed. I would assume DVD sends this to everyone once the debt has been satisfied. I was actually surprised to see that no one offered that response so it made me wonder if it's actually true in FL. I know in NC they are required to send you this. Is it not the same anywhere?

Thanks!

 

[supersnoop]

An interesting question was posed over on the DVC FB Fan page asking if you receive any documentation from DVC once a note is satisfied and paid in full.

Many smart-alec comments ensued. None of them answered the OP's question.

With any other mortgage, you are entitled to receive a notarized and registered copy of the release of your note and deed. I would assume DVD sends this to everyone once the debt has been satisfied. I was actually surprised to see that no one offered that response so it made me wonder if it's actually true in FL. I know in NC they are required to send you this. Is it not the same anywhere?

Thanks!

The mortgage company should send that letter and file a lien release with the county. DVD and DVC have nothing to do with that process; it's completely between the mortgagor and mortgagee.

 

[WilsonFlyer]

The mortgage company should send that letter and file a lien release with the county. DVD and DVC have nothing to do with that process; it's completely between the mortgagor and mortgagee.

OK. So DVD is not the owner of the mortgage? Is that what you're saying? So DVD sells them off to a third party? News to me.

 

[supersnoop]

OK. So DVD is not the owner of the mortgage? Is that what you're saying? So DVD sells them off to a third party? News to me.

I don't know who, specifically, handles the financing, and it can vary since you can arrange your own. But DVD is in the business of building and selling. If they finance in house, that would be news to me.

 

[disneynutz]

In the last few years DVD stopped selling off the notes and became the lender. They report the satisfaction of mortgage to the county and send notification to the owner.

Bill

 

[WilsonFlyer]

Thanks Bill!

 

[WilsonFlyer]

I don't know who, specifically, handles the financing, and it can vary since you can arrange your own. But DVD is in the business of building and selling. If they finance in house, that would be news to me.

They've been financing in-house for at least 10 years that I know of so there's your news.

My mistake was not clarifying for a DVD finance in the original question.

 

[supersnoop]

They've been financing in-house for at least 10 years that I know of so there's your news.

Sweet; I learned something new today.

 

[disneynutz]

They've been financing in-house for at least 10 years that I know of so there's your news.

My mistake was not clarifying for a DVD finance in the original question.

Back when Lewis was in power a few years ago, Disney would finance then sell off the notes to an outside company. We had a direct buy that we financed for a few months and received the welcome letter from the new lender when Disney sold our note.

Bill

 

[wdrl]

If the mortgage was for one of the DVC resorts at Walt Disney World, then a Satisfaction document is filed with the Orange County Comptroller. Since it is a public record, it can be viewed and downloaded from the OCC website (https://officialrecords.occompt.com/recorder/eagleweb/docSearch.jsp). In the OCC search fields, enter Disney as the Grantor and your last name, first name as the Grantee, then uncheck the box to the far right and highlight Satisfaction as the document type.

 

[Anthony1971]

An interesting question was posed over on the DVC FB Fan page asking if you receive any documentation from DVC once a note is satisfied and paid in full.

Many smart-alec comments ensued. None of them answered the OP's question.

With any other mortgage, you are entitled to receive a notarized and registered copy of the release of your note and deed. I would assume DVD sends this to everyone once the debt has been satisfied. I was actually surprised to see that no one offered that response so it made me wonder if it's actually true in FL. I know in NC they are required to send you this. Is it not the same anywhere?

Thanks!

I received my original note (loan papers) back stamped paid in full filed.... I believe I always held the deed (going back over 9 years so I could be wrong). However a deed today is just a copy of the transfer of property that you can get a copy of at anytime sometimes online, for a small fee by mail or by going to the office it is held at and making a copy which is also in general a very small fee. The purpose of title search/insurance is to make sure there is no lien on the property as above I can copy the deed at any time and not tell you I have a lien. Lastly entitled should include for a fee as when you pay off a house mortgage most if not all banks will charge you to file the release and mail it..... Been through it twice the second time I made them reduce the fee and both times the banks had a class action suit which I received part of the fee back.