Montana Satisfaction of Mortgage by a Corporation

State:
Multi-State
Control #:
US-01498BG
Format:
Word; 
Rich Text
Instant download

Description

Most states have statutes that provide that a mortgage or deed of trust may be discharged 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. The certificate must specify that the mortgage has been paid or otherwise satisfied or discharged, and should make a reference to the book and page containing the original mortgage or deed of trust.


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.

Primary tabs. 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.

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.

Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been repaid in full and the lender no longer has an interest in your property. In short, your home is finally all yours!

With a deed of trust, a trustee holds the interest. With a mortgage, the bank holds an interest. This means that if you have a mortgage, you are directly giving the bank your money, rather than having a trustee hold onto it until the bank or courts need it.

Suppose a mortgage lender fails to record a Satisfaction of Mortgage document within 60 days from the final payment date. In that case, you can file a lawsuit against the mortgagee. Contact a local law firm to speak with an intake specialist about your legal options.

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Montana Satisfaction of Mortgage by a Corporation