Lien Release For Mortgage
Description
How to fill out Release Of Lien?
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FAQ
What are the consequences for a lender who fails to record a release of lien or satisfaction of mortgage after being paid off? The lender is subject to a civil suit and damages by the borrower.
A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.
Once you've paid off your outstanding mortgage debt, the lender must prepare and issue a release of mortgage. This document officially discharges you from the debt obligation and removes the lien against the property.
You can find information on property records by contacting your local Secretary of State or county recorder of deeds. After you pay off your mortgage, your lender should also return the original note to you.
