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North Dakota Assignment of Mortgage by Individual Mortgage Holder

North Dakota Assignment of Mortgage by Individual Mortgage Holder

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.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

North Dakota

Control #:

ND-120RE

Format:

Instant download

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Description

This is an assignment of mortgage/deed of trust form where the owner of the deed of trust/mortgage conveys the owner's interest in the deed of trust/mortgage to a third party. The holder of the deed of trust/mortgage is an individual(s).

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FAQ

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.

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.

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.

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.

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 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.

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 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.

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.

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Assignment of Mortgage by Individual Mortgage Holder

Assignment and Satisfaction of Mortgages

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 rule 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.

North Dakota Law

Execution of Assignment or Satisfaction:

Must be signed by the owner of the mortgage.

Assignment:

An assignment must be in writing and recorded.

Demand to Satisfy:

Within sixty days after any mortgage is satisfied, or within thirty days of receipt of a written demand of the owner of the property, whichever is shorter, the owners of the mortgage or other lien shall execute a certificate of discharge duly acknowledged, and cause a satisfaction of record to be entered. Any mortgagee or owner of a mortgage or lien who fails to execute or deliver a discharge or to enter a satisfaction as provided under this section is liable to the owner of the property for all damages sustained as a result of the refusal and exemplary damages of one hundred dollars.

Recording Satisfaction:

A recorded mortgage must be discharged upon the record by the recorder having custody of the mortgage on the presentation of a certificate of discharge signed by the mortgagee and properly acknowledged.

Penalty:

Any mortgagee or owner of a mortgage or lien who fails to execute or deliver a discharge or to enter a satisfaction (see above, Demand to Satisfy) is liable to the owner of the property for all damages sustained as a result of the refusal and exemplary damages of one hundred dollars.

Acknowledgment:

An assignment or satisfaction must contain a proper North Dakota acknowledgment, or other acknowledgment approved by Statute.

North Dakota Statutes

35-01-27. Discharge of mortgage or lien on real property - Penalty.

Within sixty days after any mortgage or other lien upon real property is satisfied or within thirty days of receipt of a written demand of the owner of the property, whichever is shorter, the owners of the mortgage or other lien shall execute a certificate of discharge duly acknowledged, and cause a satisfaction of record to be entered. The fee for filing the satisfaction must be paid by the owner of the property or added to the debt paid by the owner of the property. Any mortgagee or owner of a mortgage or lien who fails to execute or deliver a discharge or to enter a satisfaction as provided under this section is liable to the owner of the property for all damages sustained as a result of the refusal and exemplary damages of one hundred dollars.

35-03-11. Certificate of discharge - How recorded.

A certificate of the discharge of a mortgage and proof or acknowledgment of the discharge must be recorded at length and a reference made in the record to the book and page or document number where the mortgage is recorded and of the minute of the discharge, made upon the record of the mortgage, to the book and page or document number where the discharge is recorded.

35-03-16. Satisfaction of mortgage - Discharge - Form - Power of attorney.

A recorded mortgage must be discharged upon the record by the recorder having custody of the mortgage on the presentation of a certificate of discharge signed by the mortgagee, the mortgagee's executors, administrators, guardians, trustees, assigns, personal representatives, or special administrators appointed for that purpose, properly acknowledged or proved and certified as prescribed by chapter 47-19. The certificate of discharge must contain a brief description of the mortgage and must state that the mortgage has been paid in full or otherwise satisfied and discharged and that the officer is authorized to discharge the mortgage of record. Any person executing a certificate of discharge as a personal representative of the mortgagee first shall file and have recorded in the office of the recorder where the mortgage is recorded, a power of attorney showing the person's authority to discharge mortgages in behalf of the mortgagee and in the mortgagee's name. The mortgagee shall present the certificate of discharge to the recorder for recording in the county in which the property is located within thirty days after the certificate of discharge is signed. The mortgagee may add the amount of the recording fee to the balance of the debt paid by the mortgagor.

Assignment of Mortgage by Individual Mortgage Holder

Assignment and Satisfaction of Mortgages

Assignments Generally:

Satisfactions Generally:

North Dakota Law

Execution of Assignment or Satisfaction:

Must be signed by the owner of the mortgage.

Assignment:

An assignment must be in writing and recorded.

Demand to Satisfy:

Recording Satisfaction:

Penalty:

Acknowledgment:

An assignment or satisfaction must contain a proper North Dakota acknowledgment, or other acknowledgment approved by Statute.

North Dakota Statutes

35-01-27. Discharge of mortgage or lien on real property - Penalty.

35-03-11. Certificate of discharge - How recorded.

35-03-16. Satisfaction of mortgage - Discharge - Form - Power of attorney.

North Dakota Assignment of Mortgage by Individual Mortgage Holder

Description

Related forms

How to fill out North Dakota Assignment Of Mortgage By Individual Mortgage Holder?

Form popularity

FAQ

Who records mortgage documents?

Does the mortgage company hold the title?

Who files satisfaction of mortgage?

Who holds the title deeds on a mortgaged property?

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

Who holds the title to real property when a mortgage is given?

Is a mortgage a legal document?

Who records the satisfaction of mortgage?

How do you know if your mortgage is satisfied?

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