What happens when no satisfaction of mortgage is recorded?

When no satisfaction of mortgage is recorded, the mortgage may still appear as an active debt on public records. This can lead to complications when attempting to sell the property or apply for new loans. In Florida, it's essential to have a clear record to ensure your Florida Satisfaction, Release or Cancellation of Mortgage by Corporation is officially recognized. U.S. Legal Forms can help you navigate this process effectively.

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Florida Satisfaction, Release or Cancellation of Mortgage by Corporation

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Florida

Control #:

FL-S123

Format:

Instant download

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Description

This Release - Satisfaction - Cancellation Deed of Trust - by Corporate Lender is for the satisfaction or release of a mortgage for the state of Florida by a Corporation. 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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Key Concepts & Definitions

Satisfaction Release or Cancellation of Mortgage: This is a legal document issued by the mortgage lender indicating that the borrower has fully paid off their mortgage. This document is essential because it formally removes the lien from the borrower's property that was held as security for the loan.

Step-by-Step Guide to Obtaining a Satisfaction of Mortgage

Final Mortgage Payment: Ensure that all payments are completed, including any fees or accrued interest.
Contact Your Lender: Request a satisfaction document. This request can usually be made online, by phone, or in writing.
Review the Document: Once received, review the document for accuracy, ensuring your name, the property address, and other key details are correct.
Record the Document: File the satisfaction of mortgage with your local county recorders office to officially release the lien from your property.
Confirmation: Follow up to ensure that the document has been recorded and your property records are updated to reflect this change.

Risk Analysis

Delays in Documentation: Failing to obtain the satisfaction of mortgage document can cause issues in proving the mortgage has been paid off.
Incorrect Information: Errors in the document can lead to potential legal disputes or issues in record keeping.
Loss of Original Documents: Losing important original documents can lead to complications in property transactions or refinancing.

Best Practices for Mortgage Release

Maintain Communication with Lender: Regular updates and clear communication can prevent misunderstandings and errors.
Keep Records: Preserve all payment receipts and correspondences with your lender until the mortgage release is confirmed.
Verify with County Recorder: Ensuring the documents are recorded correctly avoids future complications with property claims.

Common Mistakes & How to Avoid Them

Not Reviewing the Final Document: Always check the details in the satisfaction document for accuracy to avoid errors that can affect property records.
Failing to Record the Document: It's crucial to record the satisfaction document at your local county recorder's office to legally remove the lien from your property.
Ignoring Follow-Up: Ensure that the property records are updated by checking with the county recorder post submission of the document.

How to fill out Florida Satisfaction, Release Or Cancellation Of Mortgage By Corporation?

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FAQ

Satisfaction or release of mortgage refers to the official acknowledgment that a mortgage obligation has been fully met. In Florida, this typically involves the lender issuing a document that confirms the mortgage is clear and that the borrower has fulfilled their payment responsibilities. This acknowledgment is vital for homeowners looking to improve their financial standing or sell their property.

In Florida, the requirements for a satisfaction of mortgage include the full payment of the mortgage balance and the submission of a Satisfaction of Mortgage document to the county clerk. The lender must file this document within a specific timeframe after receiving the payment. Utilizing UsLegalForms can simplify this process by providing the necessary forms and guidance to ensure compliance with Florida laws.

The terms satisfaction and release often intertwine, yet they have distinct meanings. Satisfaction refers to the borrower completely paying off the mortgage, while release involves the lender providing official documentation to confirm this. In cases of Florida Satisfaction, Release or Cancellation of Mortgage by Corporation, understanding these differences can clarify your mortgage status and ensure proper legal acknowledgment.

In Florida, a lender must record a satisfaction of mortgage within 60 days after receiving the full payment. This prompt action protects property owners and helps prevent complications with future transactions. Knowing the timeline can help you ensure your Florida Satisfaction, Release or Cancellation of Mortgage by Corporation is properly documented. Services like U.S. Legal Forms can simplify this journey for you.

The statute of satisfaction of mortgages in Florida requires lenders to file a satisfaction of mortgage within a specific timeframe after receiving full payment. This law ensures that property owners can clear their outstanding debts from public records promptly. It's crucial to understand this statute to facilitate your Florida Satisfaction, Release or Cancellation of Mortgage by Corporation. Legal tools from U.S. Legal Forms can assist you with this paperwork.

When no satisfaction of mortgage is recorded, the mortgage may still appear as an active debt on public records. This can lead to complications when attempting to sell the property or apply for new loans. In Florida, it's essential to have a clear record to ensure your Florida Satisfaction, Release or Cancellation of Mortgage by Corporation is officially recognized. U.S. Legal Forms can help you navigate this process effectively.

Typically, you can expect to receive a mortgage satisfaction letter within 30 days after your final payment. However, processing times may vary depending on the lender and their policies. It’s important to follow up to ensure that your Florida Satisfaction, Release or Cancellation of Mortgage by Corporation is properly handled. Using comprehensive services like U.S. Legal Forms can streamline this process.

Obtaining a partial release of a mortgage can be somewhat challenging, as it requires lender approval and often involves additional documentation. Lenders typically want to ensure that the remaining mortgage balance is still secure after part of the property is released. Using UsLegalForms can streamline this process by providing the necessary forms and instructions, aiding in your Florida Satisfaction, Release or Cancellation of Mortgage by Corporation.

Filling out a satisfaction of mortgage form requires basic information like your name, the lender's name, and mortgage details, such as the volumetric number. Make sure to detail the satisfaction statement clearly. You may find it beneficial to use UsLegalForms, which offers templates and instructions to help you accurately complete your satisfaction of mortgage form, supporting your Florida Satisfaction, Release or Cancellation of Mortgage by Corporation.

To release your mortgage in Florida, you need to obtain a satisfaction document from your lender, sign it, and have it notarized if required. Afterward, file this document with the local county clerk’s office. Utilizing our platform at UsLegalForms can simplify this process, providing you with the correct forms and clear guidance to ensure your Florida Satisfaction, Release or Cancellation of Mortgage by Corporation is executed correctly.

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Satisfaction, Release or Cancellation of Mortgage by Corporation

Real Property - Mortgage Satisfaction - Florida

Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.

Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.

Florida Law

Execution of Assignment or Satisfaction: Must be signed by the mortgagee.

Assignment: No assignment of a mortgage upon real property or of any interest therein, shall be good or effectual in law or equity, against creditors or subsequent purchasers, for a valuable consideration, and without notice, unless the assignment is contained in a document which, in its title, indicates an assignment of mortgage and is recorded according to law.

Demand to Satisfy: Upon full payoff of the mortgage, the mortgagor may demand of the mortgagee that satisfaction be recorded. The mortgagee then has 60 days to comply, or face liability.

Recording Satisfaction: 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.

Marginal Satisfaction: Not allowed.

Penalty: In the case of a civil action arising out of the failure of the mortgagee to properly record, within 30 days of demand, a satisfied mortgage, the prevailing party shall be entitled to attorney's fees and costs, and shall be guilty of a misdemeanor of the second degree.

Acknowledgment: An assignment or satisfaction must contain a proper Florida acknowledgment, or other acknowledgment approved by Statute.

Florida Statutes

701.01 Assignment. Any mortgagee may assign and transfer any mortgage made to her or him, and the person to whom any mortgage may be assigned or transferred may also assign and transfer it, and that person or her or his assigns or subsequent assignees may lawfully have, take and pursue the same means and remedies which the mortgagee may lawfully have, take or pursue for the foreclosure of a mortgage and for the recovery of the money secured thereby.

701.02 Assignment not effectual against creditors unless recorded and indicated in title of document; applicability.

(1) An assignment of a mortgage upon real property or of any interest therein, is not good or effectual in law or equity, against creditors or subsequent purchasers, for a valuable consideration, and without notice, unless the assignment is contained in a document that, in its title, indicates an assignment of mortgage and is recorded according to law.
(2) This section also applies to assignments of mortgages resulting from transfers of all or any part or parts of the debt, note or notes secured by mortgage, and none of same is effectual in law or in equity against creditors or subsequent purchasers for a valuable consideration without notice, unless a duly executed assignment be recorded according to law.
(3) Any assignment of a mortgage, duly executed and recorded according to law, purporting to assign the principal of the mortgage debt or the unpaid balance of such principal, shall, as against subsequent purchasers and creditors for value and without notice, be held and deemed to assign any and all accrued and unpaid interest secured by such mortgage, unless such interest is specifically and affirmatively reserved in such an assignment by the assignor, and a reservation of such interest or any part thereof may not be implied.
(4) Notwithstanding subsections (1), (2), and (3) governing the assignment of mortgages, chapters 670-680 of the Uniform Commercial Code of this state govern the attachment and perfection of a security interest in a mortgage upon real property and in a promissory note or other right to payment or performance secured by that mortgage. The assignment of such a mortgage need not be recorded under this section for purposes of attachment or perfection of a security interest in the mortgage under the Uniform Commercial Code.
(5) Notwithstanding subsection (4), a creditor or subsequent purchaser of real property or any interest therein, for valuable consideration and without notice, is entitled to rely on a full or partial release, discharge, consent, joinder, subordination, satisfaction, or assignment of a mortgage upon such property made by the mortgagee of record, without regard to the filing of any Uniform Commercial Code financing statement that purports to perfect a security interest in the mortgage or in a promissory note or other right to payment or performance secured by the mortgage, and the filing of any such financing statement does not constitute notice for the purposes of this section. For the purposes of this subsection, the term "mortgagee of record" means the person named as the mortgagee in the recorded mortgage or, if an assignment of the mortgage has been recorded in accordance with this section, the term "mortgagee of record" means the assignee named in the recorded assignment.

701.04 Cancellation of mortgages, liens, and judgments. (1) Within 14 days after receipt of the written request of a mortgagor, a record title owner of the property, a fiduciary or trustee lawfully acting on behalf of a record title owner, or any other person lawfully authorized to act on behalf of a mortgagor or record title owner of the property, the holder of a mortgage shall deliver or cause the servicer of the mortgage to deliver to the person making the request at a place designated in the written request an estoppel letter setting forth the unpaid balance of the loan secured by the mortgage.

(a) If the mortgagor, or any person lawfully authorized to act on behalf of the mortgagor, makes the request, the estoppel letter must include an itemization of the principal, interest, and any other charges properly due under or secured by the mortgage and interest on a per-day basis for the unpaid balance.
(b) If a record title owner of the property, or any person lawfully authorized to act on behalf of a mortgagor or record title owner of the property, makes the request:
1. The request must include a copy of the instrument showing title in the property or lawful authorization.
2. The estoppel letter may include the itemization of information required under paragraph (a), but must at a minimum include the total unpaid balance due under or secured by the mortgage on a per-day basis.
3. The mortgagee or servicer of the mortgagee acting in accordance with a request in substantial compliance with this paragraph is expressly discharged from any obligation or liability to any person on account of the release of the requested information, other than the obligation to comply with the terms of the estoppel letter.
(c) A mortgage holder may provide the financial information required under this subsection to a person authorized under this subsection to request the financial information notwithstanding s. 655.059.
(2) Whenever the amount of money due on any mortgage, lien, or judgment has been fully paid to the person or party entitled to the payment thereof, the mortgagee, creditor, or assignee, or the attorney of record in the case of a judgment, to whom the payment was made, shall execute in writing an instrument acknowledging satisfaction of the mortgage, lien, or judgment and have the instrument acknowledged, or proven, and duly entered in the official records of the proper county. Within 60 days after 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. In the case of a civil action arising out of this section, the prevailing party is entitled to attorney fees and costs.
(3) Whenever a writ of execution has been issued, docketed, and indexed with a sheriff and the judgment upon which it was issued has been fully paid, it is the responsibility of the party receiving payment to request, in writing, addressed to the sheriff, return of the writ of execution as fully satisfied.

701.06 Certain cancellations and satisfactions of mortgages validated.

All cancellations or satisfactions of mortgages made prior to the enactment of chapter 4138, Acts of 1893, by the mortgagee or assignee of record of such mortgage entering same on the margin of the record of such mortgage in the presence of the custodian of such record and attested by the said custodian and signed by said mortgagee or assignee of record of such mortgage, shall be valid and effectual for every purpose as if the same had been done subsequent to the enactment of chapter 4138, Acts of 1893.

Satisfaction, Release or Cancellation of Mortgage by Corporation

Real Property - Mortgage Satisfaction - Florida

Florida Law

Execution of Assignment or Satisfaction: Must be signed by the mortgagee.

Demand to Satisfy: Upon full payoff of the mortgage, the mortgagor may demand of the mortgagee that satisfaction be recorded. The mortgagee then has 60 days to comply, or face liability.

Marginal Satisfaction: Not allowed.

Acknowledgment: An assignment or satisfaction must contain a proper Florida acknowledgment, or other acknowledgment approved by Statute.

Florida Statutes

701.02 Assignment not effectual against creditors unless recorded and indicated in title of document; applicability.

701.06 Certain cancellations and satisfactions of mortgages validated.

Florida Satisfaction, Release or Cancellation of Mortgage by Corporation

Description

Related forms

Viewed forms

Key Concepts & Definitions

Step-by-Step Guide to Obtaining a Satisfaction of Mortgage

Risk Analysis

Best Practices for Mortgage Release

Common Mistakes & How to Avoid Them

How to fill out Florida Satisfaction, Release Or Cancellation Of Mortgage By Corporation?

Form popularity

FAQ

What is satisfaction or release of mortgage?

What are the requirements for a satisfaction of a mortgage in Florida?

What is the difference between satisfaction and release?

How long does a lender have to record a satisfaction of mortgage in Florida?

What is the statute of satisfaction of mortgages in Florida?

What happens when no satisfaction of mortgage is recorded?

How long does it take to get a mortgage satisfaction letter?

How hard is it to get a partial release of a mortgage?

How do I fill out a satisfaction of mortgage form?

How do I release my mortgage in Florida?

Trusted and secure by over 3 million people of the world’s leading companies

Florida Satisfaction, Release or Cancellation of Mortgage by Corporation

Description

Related forms

Viewed forms

Key Concepts & Definitions

Step-by-Step Guide to Obtaining a Satisfaction of Mortgage

Risk Analysis

Best Practices for Mortgage Release

Common Mistakes & How to Avoid Them

How to fill out Florida Satisfaction, Release Or Cancellation Of Mortgage By Corporation?

Form popularity

FAQ

What is satisfaction or release of mortgage?

What are the requirements for a satisfaction of a mortgage in Florida?

What is the difference between satisfaction and release?

How long does a lender have to record a satisfaction of mortgage in Florida?

What is the statute of satisfaction of mortgages in Florida?

What happens when no satisfaction of mortgage is recorded?

How long does it take to get a mortgage satisfaction letter?

How hard is it to get a partial release of a mortgage?

How do I fill out a satisfaction of mortgage form?

How do I release my mortgage in Florida?

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