South Carolina Mortgage Satisfaction is the process of releasing a mortgage lien when a loan has been paid in full. This is done by filing a satisfaction document with the county clerks' office where the mortgage was originally filed. There are two types of South Carolina Mortgage Satisfaction: voluntary and involuntary. Voluntary Satisfaction occurs when a borrower pays off their loan in full and the lender voluntarily releases the lien. Involuntary Satisfaction occurs when a borrower has defaulted on their loan and the lender is forced to accept a lesser amount to satisfy the debt. The lender must then file a satisfaction document with the county clerks office in order to release the lien.
South Carolina Mortgage Satisfaction
State:
South Carolina
Control #:
SC-SKU-0384
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PDF
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Mortgage Satisfaction
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SECTION 29-3-330. Methods of satisfaction or release of security interest; affidavit. (A) In this section these words shall have the following meaning: (1) "Mortgage" means a lien against real property that is granted to secure the payment of money; a deed of trust must be given the same meaning as a "mortgage".
SECTION 29-3-330. Methods of satisfaction or release of security interest; affidavit. (A) In this section these words shall have the following meaning: (1) "Mortgage" means a lien against real property that is granted to secure the payment of money; a deed of trust must be given the same meaning as a "mortgage".
Not all states recognize a Trust Deed. Use a Mortgage Deed if you live in: Connecticut, Delaware, Florida, Indiana, Iowa, Kansas, Louisiana, New Jersey, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, Vermont, or Wisconsin.
States that allow you to use a Deed of Trust: StateDocuments allowedSouth CarolinaMortgage AgreementsSouth DakotaBoth Mortgage Agreements and Deeds of TrustTennesseeDeeds of TrustTexasDeeds of Trust47 more rows
Title 37 - Consumer Protection Code. Chapter 23 - HIGH-COST AND CONSUMER HOME LOANS. Section 37-23-70 - Prohibited acts; complaints; penalties; statute of limitations; enforcement; costs. (A) A lender may not engage knowingly or intentionally in the unfair act or practice of "flipping" a consumer home loan.
Unlike many states, South Carolina has no statute of limitations on criminal cases, meaning prosecutors can file criminal charges at any time after a crime has been committed.
If the mortgagee fails to execute and record a Satisfaction of Mortgage within the 60-day period afforded by statute, the mortgagor (property owner) may file suit and seek a court order directing the mortgagee to execute a satisfaction of mortgage or an order extinguishing the lien against the property.
No mortgage or deed having the effect of a mortgage or other lien shall constitute a lien upon any real estate after the lapse of twenty years from the date for the maturity of the lien.