Virgin Islands Partial Release or Satisfaction of Mortgage by a Corporation

State:
Multi-State
Control #:
US-01499BG
Format:
Word; 
Rich Text
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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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.

Alaska, Hawaii, Guam and the U.S. Virgin Islands have special, higher FHA loan limits.

Located in the US Virgin Islands, St. Croix is a US territory making it an easy place for US citizens to purchase property. It also happens to be surrounded by the turquoise waters of the Caribbean Sea and white sand beaches, plus the tropical climate creates the feeling of endless summer.

Although there are higher rates and fees for our private mortgages in the USVI, they can be a much quicker and easier process than trying to finance through the local banks. The banks in the USVI can be a little slower and the qualification is a bit more difficult than you would see on the mainland.

Our trained and certified loan originators specialize in financing homes in the U.S. Virgin Islands area real estate market. We are prepared to find the right loan program with competitive rates and low down payments for you.

Current rates in US Virgin Islands, Florida are 8.24% for a 30 year fixed loan, 7.42% for 15 year fixed loan and 7.56% for a 5 year ARM.

As a mechanism of security, a mortgage is a promise by the debtor (mortgagor) to repay the creditor (mortgagee) for the amount borrowed or credit extended, with real estate put up as security. If the mortgagor doesn't pay as promised, the mortgagee may repossess the real estate.

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Virgin Islands Partial Release or Satisfaction of Mortgage by a Corporation