Here we go again with yet another Bank Investment Company offering mortgage payoff, but this time it is a “Guild Mortgage Payoff”. Remember, there is the Mortgage NOTE Security that still hangs over your head for a foreclosure even if you get your mortgage paid off or discharged through Bankruptcy. “Guild Mortgage Payoff” does not inform you of this in any disclosure.
Just what is a “Guild Mortgage Payoff”? A prepayment penalty is a fee most lenders charge when you pay down or pay off a mortgage sooner than the terms require. What is a Payoff Statement? The Payoff Statement or monthly payment statement is only a request for payment, not an order to pay.
You see, the Guild Mortgage payoff of the Promissory NOTE is not what it seems or what you may think it is. You may think that the unregistered Mortgage NOTE is NOT a part of the registered mortgage that is recorded into County Records as a Security and the NOTE Security does not go with the mortgage after the Mortgage Debt Lien Contract is recorded with your County Recorder but you are wrong.
Your Mortgage NOTE is a Security by legal definitions of “Security”. This is because the Mortgage NOTE Security is not recorded into County Records with your Mortgage contract!
AND your Mortgage NOTE Security (payable at maturity date usually 30 years) is bifurcated or split into two different contracts, the NOTE Security and the forced under duress Mortgage Debt Lien Contract and when recorded into County records converts this Mortgage Contract into a non-negotiable Security as per the famous United States Supreme Court Case of Carpenter v. Longan.
Don’t lose sight of a “Guild Mortgage Payoff” because a Guild Mortgage payoff is no different than any other mortgage Payoff investment Company you call Banks.
Every bank and financial institution wants to make you think that their mortgage and Mortgage payoffs are special, but every bank or lender charges you if you pay off your mortgage early.
As you can see “Guild Mortgage Payoff” is just like any other Bank, Financial Institution, or Mortgage Lender’s Mortgage payoff as they all charge you extra fees at payoff.
Think about it..
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