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That a mortgage is not recorded does not prohibit the commencement of a mortgage foreclosure action. The mortgage contract between the borrower and the lender is no more binding when it is recorded and so legal action can be taken.
In North Carolina, a lien claimant has 120 days from the date of last furnishing to complete these 3 steps: Fill out a mechanics lien form that meets NC requirements. ... File the lien with the county recorder's office. ... Serve a copy of the lien on the property owner.
How to put a lien on someone's property Fill out Abstract of Judgment. Abstract of Judgment ? Civil and Small Claims (form EJ-001) ... Get Abstract certified and pay fee. Bring the Abstract of Judgment to the small claims court clerk. ... Make a copy. ... Record the Abstract.
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.
If the satisfaction of mortgage isn't recorded, the property owner may have trouble when they try to refinance or sell the property. They'll have to chase down the discharge documents and get them recorded in order to clear the title. It can even cause a delay to the closing.
As a result, it also certifies that the property's title is clear of any liens. If there are any other applicable details, the satisfaction of mortgage includes those as well. The document is critical to update your records of ownership for the real estate and your credit history.
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.
The UCC filing establishes a lien against the collateral the borrower uses to secure the loan ? giving the lender the right to claim that collateral as repayment in the case of default. However, in many cases, the terms UCC lien and UCC filing are used interchangeably.