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New York Satisfaction - Release of Mortgage by Mortgagee - by Corporate Lender

State:
New York
Control #:
NY-S123
Format:
Word; 
Rich Text
Instant download

Description

This Release - Satisfaction - Cancellation Deed of Trust - by Corporate Lender is for the satisfaction or release of a mortgage for the state of New York by a Corporation. This form complies with all state statutory laws and requires signing in front of a notary public. The described real estate is therefore released from the mortgage.
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  • Preview Satisfaction - Release of Mortgage by Mortgagee - by Corporate Lender
  • Preview Satisfaction - Release of Mortgage by Mortgagee - by Corporate Lender

What Is a Satisfaction Release of Mortgage by Mortgagee?

A satisfaction release of mortgage by mortgagee is a legal document indicating that the borrower has paid off the mortgage in full and that the lender, known as the mortgagee, releases any lien or claim on the property. This document is crucial in legally clearing the title to the property, allowing the homeowner to sell, refinance, or convey the property without any disputes over the title.

Key Concepts & Definitions

  • Mortgage: A loan used to purchase a piece of real estate.
  • Mortgagee: The lender in a mortgage agreement, typically a bank or financial institution.
  • Mortgagor: The borrower in a mortgage agreement, usually the homeowner.
  • Lien: A legal right or interest that a lender has on the borrower's property, which lasts until the debt obligation is satisfied.

Step-by-Step Guide to Obtaining a Satisfaction Release of Mortgage

  1. Verify the Payoff of the Mortgage: Ensure all payments towards the mortgage have been completed, including principal, interest, and any applicable fees.
  2. Request a Release Document: Contact the mortgagee to request the release of mortgage. This may require filling out certain forms or providing proof of final payment.
  3. Receive and Review the Satisfaction Document: Once processed, the mortgagee will issue a satisfaction of mortgage document. Review it for accuracy including property details and personal information.
  4. Record the Release at the County Recorders Office: Submit the signed release document to the county recorder's office where the property is located to legally lift the lien from the property records.
  5. Confirm Recording: Ensure that the document has been officially recorded and update your property title to reflect the change.

Risk Analysis

  • Delays in processing: Delays can occur if the mortgagee fails to process the release promptly after the mortgage is paid off.
  • Errors in documentation: Incorrect information on the release can lead to legal complications when selling or refinancing the property.
  • Failure to record the document: If the satisfaction of mortgage is not recorded, future transactions involving the property could be jeopardized.

Best Practices

  • Maintain Communication: Regular follow-ups with the mortgagee to ensure the release process is on track.
  • Keep Records: Retain copies of all communications and documents related to the mortgage release.
  • Verify All Details: Double-check all information on the satisfaction release to avoid errors.

FAQ

  • How long does it take to get a satisfaction of mortgage? Typically, it takes several weeks after the final payment, but times can vary based on the lender and jurisdiction.
  • Is there a fee to record the satisfaction of mortgage? Yes, most county recorders offices charge a nominal fee to record the document.
  • What happens if I lose my satisfaction of mortgage document? You can request a certified copy from the county recorder's office where it was filed.

How to fill out New York Satisfaction - Release Of Mortgage By Mortgagee - By Corporate Lender?

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FAQ

Step 1 Identify the parties. The appropriate parties should be documented on the Satisfaction of Mortgage. Step 2 Fill and Sign. The Satisfaction of Mortgage should be signed by the mortgagee, after it has been issued. Step 3 File and Record the Form.

Key Takeaways. A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.

In some cases, a mortgage may have been sold by the mortgage lender to another financial institution. If sold, the owner of the mortgage at the time of the final payment is responsible for completing the satisfaction of mortgage documentation.

A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.Depending on your situation, you may be required to make a financial contribution to receive a mortgage release.

If a lender takes longer than 90 days to record it, they can be charged up to $1,500 in penalties. So, in theory, a satisfaction should be recorded within 30-90 days of payoff regardless of what state you work in.

Go to the county recorder's office or local courthouse to find recorded mortgages. In states such as California, deeds, liens, mortgage documents and various types of land documents are available for review in the recorder's office.

Once you've paid off your outstanding mortgage debt, the lender must prepare and issue a release of mortgage. This document officially discharges you from the debt obligation and removes the lien against the property.

In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds. If the mortgagee fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute.

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New York Satisfaction - Release of Mortgage by Mortgagee - by Corporate Lender