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Florida Satisfaction of Mortgage

Florida Satisfaction of Mortgage

Name: Florida Satisfaction of Mortgage
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.78 (404 reviews)

Category:

Florida Local County - Seminole - Public Records

State:

Florida

Control #:

FL-SKU-4037

Format:

Instant download

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Public form

Description

Satisfaction Of Mortgage Florida Satisfaction of Mortgage is a legal document that is used to release a mortgage lien from a property in Florida. It is signed by the mortgagor (the original borrower) and the mortgagee (the original lender) and acknowledges that the loan has been paid in full. The document must be recorded in the county where the property is located and must include the legal description of the property, the mortgage amount, and the parties’ names. There are two types of Florida Satisfaction of Mortgage: Cancellation of Mortgage and Release of Mortgage. A Cancellation of Mortgage is used when the loan is fully paid off and the borrower no longer owes the lender any money. A Release of Mortgage is used when the loan is paid off, but the lender still retains a lien on the property as security for the debt.

Florida Satisfaction of Mortgage is a legal document that is used to release a mortgage lien from a property in Florida. It is signed by the mortgagor (the original borrower) and the mortgagee (the original lender) and acknowledges that the loan has been paid in full. The document must be recorded in the county where the property is located and must include the legal description of the property, the mortgage amount, and the parties’ names. There are two types of Florida Satisfaction of Mortgage: Cancellation of Mortgage and Release of Mortgage. A Cancellation of Mortgage is used when the loan is fully paid off and the borrower no longer owes the lender any money. A Release of Mortgage is used when the loan is paid off, but the lender still retains a lien on the property as security for the debt.

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FAQ

How Do Florida Mortgage Satisfactions Work? Written acknowledgment. Upon receiving your final payment, the lender must execute and file a written, notarized document (typically referred to as a release or satisfaction of mortgage) that acknowledges the mortgage is satisfied or paid in full.

Mortgages: Do not require witnesses but must be acknowledged to be recorded.

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.

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.

Where do I record my Satisfaction of Mortgage when complete? The Satisfaction of Mortgage should be filed with the County Recorder or City Registrar. This will acknowledge and document, that the previously obtained mortgage has been paid in full and there is no longer a lien on the property.

If the mortgagee fails to execute and record a Satisfaction of Mortgage within the 60-day period afforded by statute, the mortgagor (property owner) may file suit and seek a court order directing the mortgagee to execute a satisfaction of mortgage or an order extinguishing the lien against the property.

If properly executed, a Florida quitclaim deed usually requires two weeks to three months to be recorded. The parties involved in real estate transactions generally seek to record the deed immediately after the closing process is concluded.

More info

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. Complete your Satisfaction of Mortgage in minutes using our online template.Available to print or download for free in all states. A Satisfaction of Mortgage is a document that is used to confirm that a mortgage has been successfully repaid. A satisfaction of mortgage is a document confirming a mortgage has been paid off and details the provisions for the transfer of collateral title rights. It shows that your home outright belongs to you. A satisfaction of mortgage is a legal document indicating that a mortgage loan has been paid in full and all the adjacent obligations have been fulfilled. It shows that your home outright belongs to you. A satisfaction of mortgage is a notarized document that's publicly recorded after a borrower pays off their mortgage. This notice confirms with the property owner that they now have legal title to the property without the mortgage lien against it.

Florida Satisfaction of Mortgage

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