What happens when no satisfaction of mortgage is recorded?
If the mortgagee fails to execute and record a Satisfaction of Mortgage within the 60-day period afforded by statute, the mortgagor (property owner) may file suit and seek a court order directing the mortgagee to execute a satisfaction of mortgage or an order extinguishing the lien against the property.
What does a satisfaction of mortgage mean?
Primary tabs. A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loans lien on the property and giving the title to the borrower.
What is release of mortgage also known as?
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. This is also a good alternative for homeowners who are unable to sell their property, whether for a full payoff or a short sale.
What is OCR mortgage?
OCR: automatically extracts machine-readable text from documents where the accuracy is not high enough, the information must be manually captured. Barcodes: read during scanning, barcodes automatically, cost-effectively and quickly capture key index information such as document type or loan number.
Can a satisfaction of mortgage be reversed?
The majority of the panel of the Court of Appeals held that 45-36.6 (which permits rescission of a notice of satisfaction for a security instrument if that instrument was erroneously satisfied) means that a lender can rescind for an error or mistake of any kind.
What is recorded satisfaction of mortgage reconveyance?
Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been repaid in full and the lender no longer has an interest in your property. In short, your home is finally all yours!
What happens if a mortgage doesnt get recorded?
If Your Deed Is Not Recorded, the Property Could Be Sold Out From Under You (and Other Scary Scenarios) In practical terms, failure to have your property deed recorded would mean that, if you ever wanted to sell, refinance your mortgage, or execute a home equity line of credit, you could not do so.
What is the difference between release of mortgage and satisfaction?
What is a Satisfaction of Mortgage? 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.
What is an example of satisfaction of mortgage?
Sample Satisfaction of Mortgage That Mortgagee hereby acknowledges full payment and satisfaction of the Mortgage, does hereby surrender the Mortgage as cancelled, releases the property from the lien of the Mortgage, and directs the Clerk of the Circuit Court in and for , to cancel the same record.
What effect does a satisfaction of mortgage have on a property?
A satisfaction of mortgage is a document serving as evidence that youve 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.
