North Carolina Complaint to Compel Mortgagee to Execute and Record Satisfaction and Discharge of Mortgage

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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.

A North Carolina Complaint to Compel Mortgagee to Execute and Record Satisfaction and Discharge of Mortgage is a legal document that can be filed in court by a borrower or property owner who believes that a mortgagee (lender or lien holder) has not fulfilled their obligations to execute and record a satisfaction and discharge of mortgage. In North Carolina, there are various scenarios and types of complaints that may arise related to the execution and recording of mortgage satisfactions and discharges. Some common types include: 1. Complaint due to Non-compliance: If a mortgagee fails to comply with the legal requirements or timelines for executing and recording a satisfaction and discharge of mortgage, a borrower can file a complaint to compel them to do so. This complaint argues that the mortgagee has an obligation to release, cancel, or discharge the mortgage lien upon full payment or satisfaction of the loan. 2. Complaint due to Delayed Execution and Recording: When a mortgagee unreasonably delays the execution and recording of a satisfaction and discharge after the borrower has fulfilled all the loan obligations, a complaint can be filed. This type of complaint asserts that the delay is causing harm to the borrower, potentially hindering the ability to sell or refinance the property. 3. Complaint due to Inaccurate or Missing Mortgage Discharge: In some cases, the mortgagee may have executed a satisfaction and discharge of mortgage documents, but they were not properly recorded or contain inaccuracies. A complaint can be filed to rectify this situation, seeking a court order to compel the mortgagee to correct the error or complete the necessary recording. Regardless of the specific type of North Carolina Complaint to Compel Mortgagee to Execute and Record Satisfaction and Discharge of Mortgage, the content should include relevant information such as: 1. Introduction: Clearly state the name of the plaintiff (borrower or property owner) and the defendant (mortgagee), followed by a brief explanation of the purpose of the complaint. 2. Parties Involved: Provide the full names, addresses, and contact information of both the plaintiff and defendant. It's important to accurately identify the individuals/entities involved to ensure proper legal notification. 3. Background and Facts: Describe the relevant details surrounding the mortgage, including the loan agreement, repayment terms, and any other agreements or documents related to mortgage satisfaction or discharge. Highlight how the borrower has met all the requirements for satisfaction and discharge. 4. Alleged Breach or Non-compliance: Outline the specific actions or inaction of the mortgagee that constitute a breach of their obligations to execute and record the satisfaction and discharge. Provide supporting evidence, such as correspondence, payment records, or any documents illustrating the mortgagee's unjustifiable delay or refusal. 5. Relief Sought: Clearly state the relief or remedy being sought, which is typically an order from the court to compel the mortgagee to execute and record the satisfaction and discharge of mortgage, and any other appropriate remedies, such as damages or attorney's fees. 6. Conclusion: Summarize the main points of the complaint, reiterating the borrower's position and requesting the court's intervention to ensure compliance with the mortgagee's obligations. Please note that this is a general overview of a North Carolina Complaint to Compel Mortgagee to Execute and Record Satisfaction and Discharge of Mortgage, and it is recommended to seek legal advice or consult with an attorney to tailor the content more precisely to your specific circumstances.

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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.

The statute applies the ten year period tothe foreclosure of a mortgage, or deed in trust for creditors with a power of sale,of real property, where the mortgagor or grantor has been in possession of the property, within ten years after the forfeiture of the mortgage, or after the power of sale became absolute, or ...

What Are the Options Available for Borrowers During Foreclosure in North Carolina? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before or after the sale, or filing for bankruptcy.

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 deed in lieu of foreclosure is when the mortgage loan servicer and/or mortgage loan holder agrees to accept the deed to the house (accept full legal and actual ownership of the house), typically in return for allowing the homeowner to walk away free and clear of any further obligations.

(a) Except as provided in subsection (b), no person shall exercise any power of sale contained in any mortgage or deed of trust, or provided by statute, when an action to foreclose the mortgage or deed of trust, is barred by the statute of limitations.

The statute applies the ten year period tothe foreclosure of a mortgage, or deed in trust for creditors with a power of sale,of real property, where the mortgagor or grantor has been in possession of the property, within ten years after the forfeiture of the mortgage, or after the power of sale became absolute, or ...

A power of sale foreclosure is a contractual right under the terms of a deed of trust which gives the trustee the power to sell the real property on behalf of the lender if the borrower defaults. The procedure for power of sale foreclosure is contained in Article 2A in Chapter 45 of the North Carolina General Statutes.

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By filing the complaint, the borrower seeks a court order that compels the mortgagee to fulfill their duties and satisfy the mortgage officially. Different ... The complaint argues that the mortgagee has failed to fulfill its duty to execute and record the satisfaction and discharge of the mortgage, as required by law.by J Schlotterback · 2023 — satisfied of record,” either the secured lender or the individual causing the improper release or satisfaction may execute and record a document. I am signing this Affidavit of Satisfaction to evidence full payment or performance of the obligations secured by real property covered by the following ... Article 2. Right to Foreclose or Sell under Power. § 45-4. Representative succeeds on death of mortgagee or trustee in deeds of trust; parties to action. Notification by mortgagee of satisfaction of provisions of deed of trust or mortgage, or other instrument; civil penalty. (a) After the satisfaction of the ... The filing of this satisfaction shall satisfy or release the lien of the mortgage or deed of trust. Regularly, the mortgagee ought to have acknowledged the satisfaction and discharge of the mortgage in the presence of the register of deeds, and he ought to ... A Satisfaction is a document that shows of record that an individual has paid a deed of trust or a mortgage in full. These documents are usually filed by ... May 9, 2018 — Chapter 183, Section 55 requires the lender to discharge the mortgage within 45 days of receipt of full payment of the loan by (i) recording an ...

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North Carolina Complaint to Compel Mortgagee to Execute and Record Satisfaction and Discharge of Mortgage