Included in your package are the following forms:
1. Satisfaction, Release or Cancellation of a Deed of Trust by a Corporation;
2. Satisfaction, Release or Cancellation of a Deed of Trust by an Individual;
3. Letter of Notice to Borrower of Status of Mortgage;
4. Letter to Recording Office for Recording Satisfaction of a Mortgage
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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.
A Satisfaction of Mortgage, sometimes called a release of mortgage, is a document that acknowledges that the terms of a Mortgage Agreement have been satisfied, meaning that a borrower has repaid their mortgage loan to the lender.
A satisfaction of mortgage is a document serving as evidence that you've paid off your mortgage in full, releasing the lien associated with the loan from your property and transferring the title to you. This document typically includes: Borrower and lender contact information.
A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property. 1.
A satisfaction fee is a fee charged by the County Recorder's of Deeds office to record the lien release on the property. The Satisfaction fee is included in the loan Payoff Statement. Fees vary by County.
Upon receipt of the final payment, satisfying a mortgage, the mortgagee (lender) must execute and file a written document acknowledging that the mortgage has been satisfied (i.e., paid in full). This written document must be acknowledged, or proven (i.e., notarized).
What is a Mortgage Release? A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.
Once your financial institution determines that your mortgage has been paid off (i.e., satisfied), that company will issue a satisfaction document, which gets recorded in the Official Records. Once recorded in the Official Records, the company should send you the original document for your files.
