Maine Satisfaction, Release or Cancellation of Mortgage by Corporation

Q: Who records mortgage documents?

Go to the county recorder&#039;s office or local courthouse to find recorded mortgages. In states such as California, deeds, liens, mortgage documents and various types of land documents are available for review in the recorder&#039;s office.

State:

Category:

Real Estate - Mortgages and Deeds of Trust

Control #:

ME-S123

Format:

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Overview of this form

The Satisfaction, Release or Cancellation of Mortgage is a legal document that formally releases a mortgage obligation for a property when it has been paid off or canceled. This specific form is designed for use by a corporation in the state of Maine, ensuring compliance with local laws. Unlike similar forms that may be used by individuals, this form specifically addresses corporate lenders, making it crucial for corporate entities managing real estate assets.

Key parts of this document

Date of mortgage execution
Names of the mortgagor(s) and mortgagee
Details of the property as described in the mortgage
Information about the promissory note being secured
Assignment details if applicable
Notary public acknowledgment

Release of Mortgage of Lien

View this form

Discharge of Mortgage

View this form

Release of Mortgagor

View this form

Partial Release of Mortgage Property

View this form

Letter Notice to Borrower of Satisfaction of Mortgage

View this form

When this form is needed

This form should be used when a corporation has completely satisfied a mortgage obligation and wants to formally cancel or release the mortgage on a property. It is important in situations where a property is being sold, refinanced, or when the financial obligations attached to the mortgage have been fully met. By using this form, parties ensure that the mortgage lien is removed from the property title, preventing potential future claims.

Who this form is for

Corporations that have provided loans secured by real estate
Corporation representatives handling mortgage releases
Real estate attorneys assisting corporations with mortgage matters

Instructions for completing this form

Identify and enter the date when the mortgage was executed.
Fill in the names of the mortgagor(s) and the mortgagee.
Specify the property details as described in the original mortgage document.
Enter the amount of the promissory note secured by the mortgage.
Complete the assignment section if the mortgage was transferred to another entity.
Sign the document in the presence of a notary public, providing identification as needed.

Is notarization required?

Yes, this form must be notarized to be legally valid in Maine. This ensures that the signatures are authenticated and the document is properly executed. US Legal Forms offers integrated online notarization services, allowing you to complete this process securely via a video call, available 24/7, without the need to travel.

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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

Avoid these common issues

Failing to enter the correct date of mortgage execution.
Omitting property details, which can lead to disputes.
Not having the form notarized when required.
Incorrectly filling out the assignment section if applicable.
Not retaining copies of the completed form for future reference.

Advantages of online completion

Convenience of downloading and completing the form at your own pace.
Access to templates drafted by licensed attorneys, ensuring legal validity.
Ability to edit the form to fit specific circumstances before downloading.
Secure and reliable access to important legal documentation.

Main things to remember

The form is essential for corporations wishing to release a mortgage on their property in Maine.
Completing the form correctly requires careful attention to detail and proper notarization.
Utilizing this online form streamlines the process of mortgage release, providing convenience and reliability.

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FAQ

Yes, a mortgage company can cancel a mortgage under specific circumstances. In Maine, Satisfaction, Release or Cancellation of Mortgage by Corporation involves a proper procedure to ensure the mortgage is legally terminated. If all obligations have been met, the lender issues a cancellation, relieving the borrower from further payments. This cancellation is crucial for homeowners who wish to sell or refinance their property, allowing them to move forward without encumbrances.

Go to the county recorder's office or local courthouse to find recorded mortgages. In states such as California, deeds, liens, mortgage documents and various types of land documents are available for review in the recorder's office.

In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds. If the mortgagee fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute.

Step 1 Identify the parties. The appropriate parties should be documented on the Satisfaction of Mortgage. Step 2 Fill and Sign. The Satisfaction of Mortgage should be signed by the mortgagee, after it has been issued. Step 3 File and Record the Form.

If a lender takes longer than 90 days to record it, they can be charged up to $1,500 in penalties. So, in theory, a satisfaction should be recorded within 30-90 days of payoff regardless of what state you work in.

In some cases, a mortgage may have been sold by the mortgage lender to another financial institution. If sold, the owner of the mortgage at the time of the final payment is responsible for completing the satisfaction of mortgage documentation.

You may contact us at (407) 836-5115 to request a search of your Satisfaction of Mortgage. You may also utilize our web site (www.occompt.com) to see if your Satisfaction has been recorded. Your Satisfaction is recorded under the names of the borrower/mortgagor on the original loan.

What is Satisfaction of Mortgage? A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.

Register the discharge of mortgage Once you return the Discharge Authority form, your bank would prepare a Discharge of Mortgage document. This document must be registered at the Land Titles office.

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Satisfaction, Release or Cancellation of Mortgage by Corporation

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.

Maine Law

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

Assignment: An assignment must be in writing and recorded.

Demand to Satisfy: None required. Mortgagee has 60 days from payoff of mortgage to record satisfaction or else suffer liability.

Recording Satisfaction: A mortgage only may be discharged by a written instrument acknowledging the satisfaction thereof and signed and acknowledged by the mortgagee or by the mortgagee's duly authorized officer or agent, personal representative or assignee.

Marginal Satisfaction: Not allowed. Satisfaction must be by separate written instrument.

Penalty: If a satisfied mortgage is not recorded as such by mortgagee within 60 days following satisfaction thereof, mortgagee becomes liable to aggreived parties for damages equal to exemplary damages of $200 per week after expiration of the 60 days, up to an aggregate maximum of $5,000 for all aggrieved parties or the actual loss sustained by the aggrieved party, whichever is greater, and attorney fees.

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

Maine Statutes

551. Entry on record; neglect to discharge

A mortgage only may be discharged by a written instrument acknowledging the satisfaction thereof and signed and acknowledged by the mortgagee or by the mortgagee's duly authorized officer or agent, personal representative or assignee. The instrument must recite the name or identity of the mortgagee and mortgagor, or their successors in interest and the record location of the mortgage discharged. The instrument, when recorded, has the same effect as a deed of release duly acknowledged and recorded. [1999, c. 230, 1 (AMD); 1999, c. 230, 2 (AFF).]

Within 60 days after full performance of the conditions of the mortgage, the mortgagee shall record a valid and complete release of mortgage together with any instrument of assignment necessary to establish the mortgagee's record ownership of the mortgage. Within 30 days after receiving the recorded release of the mortgage from the registry of deeds, the mortgagee shall send the release by first class mail to the mortgagorÃ¢??s address as listed in the mortgage agreement or to an address specified in writing by the mortgagor for this purpose. As used in this paragraph, the term mortgagee means both the owner of the mortgage at the time it is satisfied and any servicer who receives the final payment satisfying the debt. If a release is not transmitted to the registry of deeds within 60 days, the owner and any such servicer are jointly and severally liable to an aggrieved party for damages equal to exemplary damages of $200 per week after expiration of the 60 days, up to an aggregate maximum of $5,000 for all aggrieved parties or the actual loss sustained by the aggrieved party, whichever is greater. If multiple aggrieved parties seek exemplary damages, the court shall equitably allocate the maximum amount. If the release is not sent by first class mail to the mortgagor's address as listed in the mortgage agreement or to an address specified in writing by the mortgagor for this purpose within 30 days after receiving the recorded release, the mortgagee is liable to an aggrieved party for damages equal to exemplary damages of $500. The mortgagee is also liable for court costs and reasonable attorney's fees in any successful action to enforce the liability imposed under this paragraph. The mortgagee may charge the mortgagor for any recording fees incurred in recording the release of mortgage and any postage fees incurred in sending the release to the mortgagor. [2011, c. 146, 1 (AMD).]

With respect to a mortgage securing an open-end line of credit, the 60-day period to deliver a release commences after the mortgagor delivers to the address designated for payments under the line of credit a written request to terminate the line and the mortgage together with payment in full of all amounts secured by the mortgage. The mortgagee may designate in writing a different address for delivery of written notices under this paragraph. [1999, c. 230, 1 (NEW); 1999, c. 230, 2 (AFF).]

All discharges of recorded mortgages, attachments or liens of any nature must be recorded by a written instrument and, except for termination statements filed pursuant to Title 11, section 9-1513, acknowledged in same manner as other instruments presented for record and no such discharges may be permitted by entry in the margin of the instrument to be discharged. [1999, c. 699, Pt. D, 22 (AMD); 1999, c. 699, Pt. D, 30 (AFF).]

552. Validation

All marginal discharges of mortgages recorded prior to April 1, 1974, duly attested by the register of deeds as being recorded from discharge in margin of original mortgage, are validated and have the same effect as if made as provided in section 551. [1997, c. 103, 1 (AMD).]

553-A. Discharge by attorney

1. Affidavit. A recorded mortgage on a residential owner-occupied one-to-4-family dwelling may be discharged in the office of the registry of deeds by an attorney-at-law licensed to practice in the State if the mortgagee, after receipt of payment of the mortgage in accordance with the payoff statement furnished to the mortgagor by the mortgagee, fails to make that discharge or to execute and acknowledge a deed of release of the mortgage. The attorney shall execute and record an affidavit in the registry of deeds affirming that:
A. The affiant is an attorney-at-law in good standing and licensed to practice in the State; [1993, c. 534, 2 (NEW).]
B. The affidavit is made at the request of the mortgagor or the mortgagor's executor, administrator, successor, assignee or transferee or the transferee's mortgagee; [1993, c. 534, 2 (NEW).]
C. The mortgagee has provided a payoff statement with respect to the loan secured by the mortgage; [1993, c. 534, 2 (NEW).]
D. The mortgagee has received payment that has been proved by a bank check, certified check or attorney client funds account check negotiated by the mortgagee or by evidence of receipt of payment by the mortgagee; [1993, c. 534, 2 (NEW).]
E. More than 30 days have elapsed since the payment was received by the mortgagee; and [1993, c. 534, 2 (NEW).]
F. The mortgagee has received written notification by certified mail 15 days in advance, sent to the mortgagee's last known address, that the affiant intends to execute and record an affidavit in accordance with this section, enclosing a copy of the proposed affidavit; the mortgagee has not delivered a discharge or deed of release in response to the notification; and the mortgagor has complied with any request made by the mortgagee for additional payment at least 15 days before the date of the affidavit. [1993, c. 534, 2 (NEW).]
[ 1993, c. 534, 2 (NEW) .]
2. Name; address; mortgagee; mortgagor. The affidavit must include the names and addresses of the mortgagor and the mortgagee, the date of the mortgage, the title reference and similar information with respect to recorded assignment of the mortgage.
[ 1993, c. 534, 2 (NEW) .]
3. Copy. The affiant shall attach to the affidavit the following, certifying that each copy is a true copy of the original document:
A. Photostatic copies of the documentary evidence that payment has been received by the mortgagee, including the mortgagee's endorsement of a bank check, certified check or attorney client funds account check; and [1993, c. 534, 2 (NEW).]
B. A photostatic copy of the payoff statement if that statement is made in writing. [1993, c. 534, 2 (NEW).]
[ 1993, c. 534, 2 (NEW) .]
4. Effect. An affidavit recorded under this section has the same effect as a recorded discharge.
[ 1993, c. 534, 2 (NEW) .]
5. Exception. A mortgage may not be discharged as provided by this section if the holder of the mortgage at the time a discharge is sought is a financial institution or credit union authorized to do business in the State as defined in Title 9-B, section 131, subsection 12-A or 17-A.

Satisfaction, Release or Cancellation of Mortgage by Corporation

Maine Law

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

Assignment: An assignment must be in writing and recorded.

Demand to Satisfy: None required. Mortgagee has 60 days from payoff of mortgage to record satisfaction or else suffer liability.

Marginal Satisfaction: Not allowed. Satisfaction must be by separate written instrument.

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

Maine Statutes

551. Entry on record; neglect to discharge

552. Validation

553-A. Discharge by attorney

Maine Satisfaction, Release or Cancellation of Mortgage by Corporation

This form is part of a form package!

Overview of this form

Key parts of this document

Related forms

When this form is needed

Who this form is for

Instructions for completing this form

Is notarization required?

Get your form ready online

Avoid these common issues

Advantages of online completion

Main things to remember

Looking for another form?

Viewed forms

Form popularity

FAQ

Can a mortgage company cancel a mortgage?

Who records mortgage documents?

How do I record my mortgage satisfaction?

How do I complete a satisfaction mortgage?

How do I file a satisfaction mortgage?

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

Who is responsible for filing satisfaction of mortgage?

How do you know if your mortgage is satisfied?

What is a recorded satisfaction or release of mortgage?

Who prepares discharge of mortgage?

Explore more forms

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

Maine Satisfaction, Release or Cancellation of Mortgage by Corporation

This form is part of a form package!

Overview of this form

Key parts of this document

Related forms

When this form is needed

Who this form is for

Instructions for completing this form

Is notarization required?

Get your form ready online

Avoid these common issues

Advantages of online completion

Main things to remember

Looking for another form?

Viewed forms

Form popularity

FAQ

Can a mortgage company cancel a mortgage?

Who records mortgage documents?

How do I record my mortgage satisfaction?

How do I complete a satisfaction mortgage?

How do I file a satisfaction mortgage?

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

Who is responsible for filing satisfaction of mortgage?

How do you know if your mortgage is satisfied?

What is a recorded satisfaction or release of mortgage?

Who prepares discharge of mortgage?

Maine Satisfaction, Release or Cancellation of Mortgage by Corporation Related Searches

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