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Commonly Asked Questions about Real Estate Mortgage Release Forms

The discharge, on the other hand, is an official act used to officially remove the mortgage on a property. After the borrower has repaid his or her loan and received a mortgage discharge, the financial institution must then issue a release to indicate that the property is free of any encumbrance or mortgage.
Borrowers who can no longer afford to stay in their home may consider a Mortgage Release, also known as a deed-in-lieu of foreclosure, to avoid foreclosure.
When the loan is paid off, the Lender is supposed to record a statement that the loan was paid on the property. This is a release (called a Reconveyance form in California).
You should have received your deed at the closing upon purchasing the property. Unlike a car title, a new deed is not generated when you pay off your mortgage. The lender will record a Release/Satisfaction of Mortgage with our office to prove the mortgage has been paid.
A release of mortgage, commonly known as a discharge of mortgage, is a legal document issued by the lender acknowledging that the mortgage debt is settled.
As they sell, lenders can either release servicing, meaning mortgage servicers will take over after your loan has closed, or they can sell but retain servicing, which can be done primarily when selling to Fannie Mae and Freddie Mac. Keep in mind, its also possible for some lenders to not sell at all.
Loan Release means the process that Party B issues an instruction to Party A to cancel the suspension of payment of all bidding funds for certain subject in the case of fulfillment of the conditions of loan release, and transfer them to the payment account designated by the borrower, and to credit any amount receivable