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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)
If the satisfaction isn't recorded within a minimum of 60 days, they may incur penalties and be held liable for damages and attorney's fees.
A Certificate of Satisfaction You'll receive your deed and officially be the sole owner of your home. Note that some lenders may send the certificate of satisfaction directly to you. If this happens, you'll need to file it with your local government yourself.
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.
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.
A deed of reconveyance, also known as a satisfaction of mortgage, is a document that proves you've paid off your mortgage. The deed of reconveyance releases the lien the mortgage lender placed on your property. You'll need this document to prove a clear title when you sell your home.
SYNOPSIS You collect all your original documents from your lender. Obtain a 'no dues' certificate from your lender. Get lien on property removed. Obtain the updated Non Encumbrance Certificate. Your credit records are updated.