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Once youve paid off your outstanding mortgage debt, the lender must prepare and issue a release of mortgage. This document officially discharges you from the debt obligation and removes the lien against the property.
A Satisfaction of Security Instrument is a document that shows an individual has paid a deed of trust or a mortgage in full. A Security Instrument is a document that creates an interest in real property.
A Satisfaction of Mortgage is issued by the lender after they have received the final mortgage payment from the borrower. Its signed by the mortgagee (in the presence of a witness in some states and counties) and then docHubd by a registered notary public.
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 Documents Can You Expect? Canceled promissory note (note). A promissory note states that someone promises to pay somethingin this case, a mortgage. Deed of trust or mortgage deed (deed). Certificate of satisfaction. Final mortgage statement. Loan payoff letter.
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People also ask

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.
The mortgagor is the one taking out the mortgage, while the mortgagee is the lender or institution issuing the home loan. Heres what you need to know about the two main mortgage parties.
Assumption agreements are prepared by the existing lender of record with their knowledge and approval, and they are signed by the buyer during escrow. Sometimes, the seller is also required to sign the assumption agreement in order to fully release them from any responsibility.
Both a satisfaction of mortgage and deed of reconveyance indicate that the loan has been fully paid and the lien on the property has been released. A deed of reconveyance, however, is typically used in states where a deed of trust is also utilized.
Mortgage lenders are obligated to prepare a satisfaction of mortgage document that is signed by all parties involved in the loan and collateral title.

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