This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Florida Complaint to Compel Mortgagee to Execute and Record Satisfaction and Discharge of Mortgage
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Multi-State
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US-02785BG
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Word;
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How to fill out Complaint To Compel Mortgagee To Execute And Record Satisfaction And Discharge Of Mortgage?
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Section 701.04 - Cancellation of mortgages, liens, and judgments (1) (a) Within 10 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 ...
If your lender fails to execute and record a satisfaction of mortgage within the mandated 60-day period, you can file a lawsuit that seeks a court order that either: Directs the lender to execute a satisfaction of mortgage. Extinguishes the lien against the property.
The law on mortgage satisfactions is outlined in Florida Statute 701.04. The lender must comply with this law within a specific time period ? typically 60 days from the date of the last or full payment. The lender must prepare the mortgage satisfaction.
There are multiple steps to obtain a satisfaction of mortgage. The length of the overall process varies from state to state due to local laws. However, it generally takes around 30 days and most states give lenders fewer than 90 days to complete the document.
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.
The lender has a legal obligation to draft, notarize, and file a Florida Satisfaction of Mortgage. While the final payment satisfies the borrower's debt, it does not automatically clear the property title of the lien since the lien is a part of the public record.
Florida Law states that the execution of the satisfaction must be signed by the lender. Upon the full payment of the mortgage, the borrower may demand of the lender that satisfaction be recorded. The lender then has 60 days to comply, or face liability.