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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.
If the mortgagee fails to submit a satisfaction document for recording within this period, the mortgagee is generally liable for any actual damages proximately caused by its failure.
A Satisfaction of Mortgage, sometimes called a release of mortgage, is a document that acknowledges that the terms of a Mortgage Agreement have been satisfied, meaning that a borrower has repaid their mortgage loan to the lender.
A satisfaction of mortgage is a crucial document for any homeowner. Not only does it prove your ownership, but it allows you to use your home as you see fit. Whether you want to put your home up for sale or refinance it, you'll need that document.
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.
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.
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.