This Release of Original Mortgagor form is for the lender, mortgagees and new purchasers to sign whereby the new purchasers of the property assume and agree to pay the debt to the lender, and the lender releases the original mortgagors from any future liability on the loan.
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Interesting Questions
You can sell your home, but you’ll need to settle the mortgage first. It’s like clearing the table before serving dessert!
Typically, it can take a few weeks after paying off your mortgage. Just remember, good things come to those who wait!
Not necessarily! Many folks handle it themselves, but having a lawyer can smooth out any bumps in the road if you need help.
Yes, it’s recorded in the county register of deeds. It’s a public record, so anyone can see it. Like a big stamp of approval in the neighborhood!
If your lender drops the ball, don’t sweat it! You can reach out to them directly to get things sorted or look into other options to get that release.
Once your lender processes the release, they will send you a copy. Think of it as proof that you’ve wiped the slate clean!