Difference Between Satisfaction And Satisfactory In North Carolina
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Security instruments for regularly amortizing mortgages include the Fannie Mae/Freddie Mac Uniform Mortgages, Deeds of Trust, and Security Deeds. In some cases, the uniform security instruments may have to be adapted to meet the lender's needs or local jurisdictional requirements.
Deeds of Trust and Mortgages can be canceled or satisfied with one of these documents. Satisfaction of Security Instrument. Trustee's Satisfaction. Notice of Satisfaction. Certificate of Satisfaction. Affidavit of Satisfaction.
A Letter of Satisfaction, issued by NYCEDC and recorded with the City Registrar's Office, states that all of the requirements/restrictions contained in a deed have been satisfied by the Purchaser.
Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.
Under North Carolina law judgment liens expire ten years from entry of the judgement.
If they are not timely renewed, they expire. In CA that is 10 years. However, when a judgment lien has been recorded against your property, it has no expiration date. This means that it is possible to no longer have a judgment against you, but still have a judgment lien on your property.
A lien for unpaid assessments is extinguished unless proceedings to enforce the lien are instituted within three years after the filing of the claim of lien in the office of the clerk of superior court.
The NC law clearly gives the creditor a 10 year period to enforce his lien and the statutes, N.C.G.S.
