Massachusetts Partial Release or Satisfaction of Mortgage by a Corporation

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US-01499BG
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Description

Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law.


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.

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FAQ

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.

What is a Satisfaction of Mortgage? A Satisfaction of Mortgage, sometimes called a release of mortgage, is a document that acknowledges that the terms of a Mortgage Agreement have been satisfied, meaning that a borrower has repaid their mortgage loan to the lender.

Under Massachusetts General Laws, Chapter 183, Section 55, a mortgage servicer, mortgagee, or note holder who is paid in full and receives satisfaction of the mortgage terms is supposed to cause a discharge to be recorded within 45 days of receipt of payment and provide a copy to the settlement agent, closing attorney, ...

In order to make public notification that you have paid your mortgage off, you need to bring the original Discharge of Mortgage provided by the bank to the Registry of Deeds along with either cash or a check in the amount of $105.00. The Registry will record the Discharge and return it to you immediately.

The buyer, buyer's lawyer and buyer's lender will want arrangements that provide them with assurances that the seller's mortgage will be paid out and the the mortgage discharge within the mortgage normally a reasonable period of time after closing [normally about 30 to 90 days after the "closing date"].

In order to make public notification that you have paid your mortgage off, you need to bring the ?original? Discharge of Mortgage provided by the bank to the registry of deeds along with either cash or a check in the amount of $105.00. The Registry will record the Discharge and return it to you immediately.

Chapter 260, Section 33 deems a mortgage unenforceable either (i) 35 years from the date of recording if no mortgage term is stated, or (ii) 5 years from the expiration of the mortgage term or maturity date stated in the mortgage, provided there has not been a recorded extension of the mortgage in either circumstance.

The obsolete mortgage statute is designed to help remove old mortgages from land titles. It sets a term of 35 years from the mortgage recording date if the mortgage has no term or maturity date, or five years from the end of any stated term or maturity date.

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Massachusetts Partial Release or Satisfaction of Mortgage by a Corporation