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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.
Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been repaid in full and the lender no longer has an interest in your property. In short, your home is finally all yours!
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.
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 satisfaction isn't recorded within a minimum of 60 days, they may incur penalties and be held liable for damages and attorney's fees.
What is the difference between a Deed of Reconveyance and Satisfaction of Mortgage? A Deed of Reconveyance states that the debt that was outlined in a Deed of Trust has been fully paid, and a Satisfaction of Mortgage indicates that a mortgage loan that was specified in a Mortgage Agreement has been fully paid.
A Satisfaction of Security Instrument is a document that shows an individual has paid a deed of trust or a mortgage in full. A Security Instrument is a document that creates an interest in real 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.