Kentucky Release Mortgage Form

State:
Kentucky
Control #:
KY-S123-Z
Format:
Word; 
Rich Text
Instant download

Description

This form is for the satisfaction or release of a mortgage for the state of Kentucky by an Individual. 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 or Cancellation of Mortgage by Individual

How to fill out Kentucky Satisfaction, Release Or Cancellation Of Mortgage By Individual?

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FAQ

A release assignment or satisfaction of mortgage form is a document stating that the lender has released the homeowner from all liability regarding her mortgage. The release assignment must be recorded at the local land office in order to be valid.

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.

A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.

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.

A release deed would typically be executed at a time when your home loan provider grants you a legal certificate that you have fully paid your loan and the lender is freeing the collateral submitted as a security against the loan. An individual can also give up his right in a property through this instrument.

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Kentucky Release Mortgage Form