South Carolina Satisfaction of Mortgage by a Corporation

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Multi-State
Control #:
US-01498BG
Format:
Word; 
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Description

Most states have statutes that provide that a mortgage or deed of trust may be discharged 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. The certificate must specify that the mortgage has been paid or otherwise satisfied or discharged, and should make a reference to the book and page containing the original mortgage or deed of trust.


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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FAQ

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".

Mortgage States and Deed of Trust States StateMortgage StateDeed of Trust StateOregonYPennsylvaniaYRhode IslandYSouth CarolinaY47 more rows

SECTION 29-1-10. Lien on real estate of no force after twenty years; exception for acknowledged debt or payment on account; lien on property interest held by gas or electric utility or electric cooperative.

?There is no statute of limitation on the foreclosure of a mortgage. It is only when the mortgage debt has been due after maturity for a time sufficient to raise a presumption that the same has been satisfied that mere delay will furnish a defense to foreclosure.

Suppose a mortgage lender fails to record a Satisfaction of Mortgage document within 60 days from the final payment date. In that case, you can file a lawsuit against the mortgagee. Contact a local law firm to speak with an intake specialist about your legal options.

OR you can sign a ?deed-in-lieu? of foreclosure. This means that you are deeding the house back to the lender. The lender will then forgive the mortgage and cancel the foreclosure. This will still be on your credit report.

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.

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.

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South Carolina Satisfaction of Mortgage by a Corporation