An agreement that creates an interest in real property as security for an obligation, such as the payment of a note, and that is to cease upon the performance of the obligation, is called a mortgage. The person whose interest in the property is given as security is the mortgagor. The person who receives the security is the mortgagee (e.g., lender). A release, deed of reconveyance, deed of release, or authority to cancel is used by a mortgagee to renounce a claim upon a person's real property subject to the mortgage.
South Carolina Letter Tendering Final Payment of Amount Due Pursuant to a Promissory Note Secured by a Mortgage in Order to Obtain a Release of the Mortgaged Premises
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How to fill out Letter Tendering Final Payment Of Amount Due Pursuant To A Promissory Note Secured By A Mortgage In Order To Obtain A Release Of The Mortgaged Premises?
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FAQ
A promissory note is a document between the lender and the borrower in which the borrower promises to pay back the lender, it is a separate contract from the mortgage. The mortgage is a legal document that ties or "secures" a piece of real estate to an obligation to repay money.
A judgment lien in South Carolina will remain attached to the debtor's property (even if the property changes hands) for ten years.
If you owe more on your mortgage than your home sells for at a foreclosure sale, the lender may ask for deficiency judgment against you, unless it specifically waived that right in writing prior to the sale. A deficiency judgment is also known as a personal judgment.
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.
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".
Briefly, a mortgagor defendant in a foreclosure action upon which deficiency judgment is rendered may within thirty days after the sale of the mortgaged property apply by verified petition to the Clerk of Court for an appraisal. S.C. Code Section 29-3-680.
Your lender will keep the original promissory note until your loan is paid off.
They asked for damages under section 29-3-320 of the South Carolina Code, which says that banks that don't satisfy a mortgage within 90 days are subject to damages of the lesser of $25,000 or one-half of the secured debt, plus attorneys' fees, costs and actual damages.