Legal Question in Real Estate Law in Texas

Refinancing

I purchased a home & paid cash. I borrowed some of the money for the home from a family friend. I then filed a ''Deed of Trust'' with e the local County Clerk's office. I now want to refinance the loan with the same lender (family friend). I have drawn up a new deed of trust with the new terms & am ready to file with the County Clerk's office. How do I clear the original deed of trust?


Asked on 5/30/03, 10:56 am

2 Answers from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: Refinancing

You should file a modification and extension of the original Deed of Trust. This assures that the lien of the lender relates back to the original filing. If that is not a consideration, file a Release of Lien and then the new Deed of Trust. Your lender would have to sign the Release of Lien.

Read more
Answered on 5/30/03, 11:39 am
Cheryl Rivera Smith The Smith Law Firm

Re: Refinancing

You can also put renewal and extension language in the new Deed of Trust if you prefer a new Note & Deed of Trust. However, to protect your interest you should probably contact an attorney to examine your old documents and draw the appropriate new loan documents. I would normally charge around $250 for this service.

Read more
Answered on 5/30/03, 3:55 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Texas