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In addition the following information should be included: The Payee Name. The Owner(s) of the mortgage holder. Total amount of mortgage. Mortgage date of execution. Full and legal description of the property to include tax parcel number. Acknowledgement that all payments have been made in full.
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.
Primary tabs. A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.
If the satisfaction of mortgage isn't recorded, the property owner may have trouble when they try to refinance or sell the property. They'll have to chase down the discharge documents and get them recorded in order to clear the title. It can even cause a delay to the closing.
The Mortgage Satisfaction Law The law on mortgage satisfactions is outlined in Florida Statute 701.04. The lender must comply with this law within a specific time period ? typically 60 days from the date of the last or full payment. The lender must prepare the mortgage satisfaction.
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.
A Mortgage Satisfaction will only be issued on the condition that all other requirements under the mortgage have been met. All documentation should be sent electronically to mtgsatisfact@hpd.nyc.gov. ... MORTGAGE INFORMATION. ... PROPERTY INFORMATION. ... BORROWER / LEGAL OWNER INFORMATION. ... CONTACT INFORMATION (If Different from Above)
When the amount due on a mortgage is paid off, the mortgagee, the mortgagee's personal representative or assignee, or those legally acting for the mortgagee, and in case of payment of a school fund mortgage the county auditor, within thirty days of payment in full, shall acknowledge satisfaction thereof by execution of ...