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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.
A satisfaction of mortgage, also known as release, cancellation or discharge of mortgage, is a type of legal document that proves you paid your mortgage in full. As a result, it also certifies that the property's title is clear of any liens.
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!
When you finish making the payments owed under the mortgage note, the lender is supposed to release the lien against the property. The lender may send out a final loan statement showing that the borrower has paid off the loan.
Within 60 days of the date of receipt of the full payment of the mortgage, lien, or judgment, the person required to acknowledge satisfaction of the mortgage, lien, or judgment shall send or cause to be sent the recorded satisfaction to the person who has made the full payment.
It may also be called a satisfaction or deed reconveyance. This document indicates that the borrower is released from the mortgage debt and the property title is officially transferred from the lender to the borrower.
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.
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.
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.
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.