Included in your package are the following forms:
1. Satisfaction, Release or Cancellation of a Deed of Trust by a Corporation;
2. Satisfaction, Release or Cancellation of a Deed of Trust by an Individual;
3. Letter of Notice to Borrower of Status of Mortgage;
4. Letter to Recording Office for Recording Satisfaction of a Mortgage
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Absolutely not. The process for discharging a mortgage is relatively simple and you are not required to sign anything in order for this to be completed. In fact, if you have visited your solicitor recently and they have up to date ID documentation for you, there may be no need for you to even visit the office.
Discharging a mortgage is a fairly straightforward process:Notify your lender. Notify your lender to discuss your plans to discharge your mortgage.Complete and return the Discharge Authority form. Next, complete the form and return it to your lender.Register your discharge and Certificate of Title.
A Mortgage Release is an alternative to foreclosure and should be considered if: You are ineligible to refinance or modify your mortgage. You are facing a long-term hardship. You are behind on your mortgage payments or will fall behind in the near future.
A promissory note release is a receipt that is given to a borrower after they have fulfilled the terms of the original note. This usually equates to the borrower paying back all that is owed to the lender, principal + interest.
But there are differences between these two documents and how they affect you when you pay off your loan. When you pay off your loan and you have a mortgage, the lender will send you or the local recorder of deeds or office that handles the filing of real estate documents a release of mortgage.
