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
Suffolk New York Satisfaction, Cancellation, or Release of Mortgage Package: A Comprehensive Guide for Mortgage Resolutions In Suffolk County, New York, when a mortgage loan is fully repaid, it requires the completion of a Satisfaction, Cancellation, or Release of Mortgage Package to document the release of the lien on the property. This package assures that the property's title is clear from any encumbrance, allowing the homeowner complete ownership and freedom to sell or transfer the property without any legal complications. The Suffolk New York Satisfaction, Cancellation, or Release of Mortgage Package typically includes the following essential elements: 1. Satisfaction, Cancellation, or Release of Mortgage Form: This legal document serves as evidence that the mortgage loan has been satisfied and releases the lender's claim on the property. The form typically requires the borrower's signature, the lender's signature, the property's legal description, the original mortgage amount, and the recording date. 2. Affidavit of Satisfaction: This sworn statement, signed by the mortgage lender, confirms that the mortgage has been fully satisfied. The affidavit includes necessary details such as the borrower's names, the loan amount, the mortgage date, and precise information regarding the property. 3. Certificate of Satisfaction: This official certificate is issued by Suffolk County's Clerk Office, acknowledging that the mortgage lien has been discharged. The certificate typically includes specific details like the borrower's and lender's names, the mortgage date, and the recording information. 4. Mortgage Discharge Recording Fees: There may be applicable fees for recording the Satisfaction, Cancellation, or Release of Mortgage Package with the Suffolk County Clerk's Office. It is advisable to contact the Clerk's Office directly or visit their official website to obtain the most up-to-date fee information. Optional Subtypes of Suffolk New York Satisfaction, Cancellation, or Release of Mortgage Package: 1. Partial Release of Mortgage Package: In cases where a borrower requests the release of a portion of the mortgaged property, such as releasing a single lot within a larger land parcel, a Partial Release of Mortgage Package may be necessary. This package involves similar documentation as a standard release, including the Partial Release of Mortgage Form, Affidavit of Satisfaction, and any applicable fees. 2. Subordination Agreement Package: When a borrower seeks to subordinate their mortgage loan to a new loan, primarily when refinancing, a Subordination Agreement Package is required. This package outlines the terms and conditions of the subordinate mortgage, including the original mortgage's priority status, ensuring the new lender's interest is adequately secured. It is important to note that the specific requirements for a Suffolk New York Satisfaction, Cancellation, or Release of Mortgage Package may vary. Therefore, it is recommended to consult with legal or real estate professionals familiar with Suffolk County regulations to ensure compliance and a smooth transaction.
