Mortgage Release Form

State:
Massachusetts
Control #:
MA-S123-Z
Format:
Word; 
Rich Text
Instant download

Description

This form is for the satisfaction or release of a deed of trust for the state of Massachusetts 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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How to fill out Massachusetts Satisfaction, Release Or Cancellation Of Mortgage By Individual?

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FAQ

Mortgage Release2122 (Deed-in-Lieu of Foreclosure)

What is the distinction between a release and a discharge? With a release, your creditor confirms that all the sums due have been paid. The document certifies that the property is mortgage-free. The discharge releases only part of the property or only one of the individuals responsible for the mortgage payments.

The timeframe in which it takes for mortgage funds to be released does vary between lenders, however, it is common for funds to be released within between 3 and 7 days.

Time frames will vary depending on your lender, but typically it takes at least 10-15 business days to complete the discharge of mortgage.

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.

Certificate of Satisfaction Once you've made your last mortgage payment, it's your responsibility to make sure that your mortgage note or deed of trust is released from your county's office of land records. You can do this by filing a certificate of satisfaction. Some lenders do this for their clients.

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. This release of mortgage is recorded or filed and gives notice to the world that the lien is no more.

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.More items...?

This document officially discharges you from the debt obligation and removes the lien against the property. The lender should send a copy of the discharge to you, and also to the closing attorney and settlement agent if you're selling the property.

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Mortgage Release Form