North Dakota Assignment of Mortgage by Individual Mortgage Holder

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.

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.

The Mortgage or Deed of Trust is a legal document in which the borrower transfers the title to a third party (trustee) to hold as security for the lender.If the borrower defaults on the loan, the property can be sold to pay off the mortgage debt.

In title theory states, a lender holds the actual legal title to a piece of real estate for the life of the loan while the borrower/mortgagor holds the equitable title.

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.

The title deeds to a property with a mortgage are usually kept by the mortgage lender. They will only be given to you once the mortgage has been paid in full.

When a borrower prepays their mortgage or makes the final mortgage payment, a satisfaction of mortgage document must be prepared, signed, and filed by the financial institution in ownership of the mortgage. The satisfaction of mortgage document is created by a lending institution and their legal counsel.

Mortgages and deeds of trust both grant the title for your property to your lender until the loan is paid. A mortgage is an agreement made between you and the lender. A mortgage grants ownership of your home to the lender which will transfer the title back to you after the loan is paid.

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.