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Rhode Island
Partial Release or Satisfaction of Mortgage by a Corporation

Rhode Island Partial Release or Satisfaction of Mortgage by a Corporation

Q: What is the Rhode Island law concerned with preventing discriminatory acts in housing related transactions?

Rhode Island&#039;s fair housing law also prohibits housing discrimination on the basis of: age, sexual orientation, gender identity or expression, marital status, veteran or military status, status as a victim of domestic violence, and now, source of income.

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

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.

Rhode Island's fair housing law also prohibits housing discrimination on the basis of: age, sexual orientation, gender identity or expression, marital status, veteran or military status, status as a victim of domestic violence, and now, source of income.

Rhode Island law prohibits prepayment penalties on mortgages on one- to four-family dwellings after the first year. During the first year, it allows a maximum prepayment penalty of 2% (R.I. Gen. Laws § 34-23-5).

If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security ...

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 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.

Satisfaction of Mortgage Timeline However, it generally takes around 30 days and most states give lenders fewer than 90 days to complete the document. The first step requires a written acknowledgment. Your lender will need to document that you made your final payment, completing your repayment period.

If your contract is not recorded, you will not be identified as the legal owner of the property. What can happen if deed are not recorded? In fact, not recording your deed would mean that if you want to sell a property, repay a mortgage, or establish a home equity line reputation, you can't.