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Pennsylvania
Partial Release or Satisfaction of Mortgage by a Corporation

Pennsylvania Partial Release or Satisfaction of Mortgage by a Corporation

Q: Should I discharge my mortgage or not?

When you&#039;re at the tail end of your mortgage, you need to discharge your home loan. If it&#039;s not done properly, it can impact your ability to sell your property quickly and efficiently. Here&#039;s how it&#039;s done: Contact your lender ? they&#039;ll ask you to complete a mortgage discharge authority form.

Q: What happens when no satisfaction of mortgage is recorded?

If the satisfaction isn&#039;t recorded within a minimum of 60 days, they may incur penalties and be held liable for damages and attorney&#039;s fees.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-01499BG

Format:

Instant download

Description

Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released 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.

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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How to fill out Partial Release Or Satisfaction Of Mortgage By A Corporation?

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FAQ

action rule typically requires a lender to complete a judicial or nonjudicial foreclosure on the real property collateral before it can obtain a deficiency judgment against the borrower or take other action to collect against a borrower's assets.

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, also known as release, cancellation or discharge of mortgage, is a type of legal document that proves you paid your mortgage in full. As a result, it also certifies that the property's title is clear of any liens.

When you're at the tail end of your mortgage, you need to discharge your home loan. If it's not done properly, it can impact your ability to sell your property quickly and efficiently. Here's how it's done: Contact your lender ? they'll ask you to complete a mortgage discharge authority form.

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.

A mortgage discharge is a signed document from the lender indicating that the mortgage contract has been fulfilled. Discharging the mortgage ends the lender's legal claim to your property.

What is a Satisfaction of Mortgage? A Satisfaction of Mortgage, sometimes called a release of mortgage, is a document that acknowledges that the terms of a Mortgage Agreement have been satisfied, meaning that a borrower has repaid their mortgage loan to the lender.