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Once the loan is paid off and all the terms of the mortgage are satisfied, a mortgage deed of release is created. Until then, the lender holds the title of the property and after the final payment is made, the title of the property is transferred to the borrower of the mortgage.
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.
How Do Florida Mortgage Satisfactions Work? Written acknowledgment. Upon receiving your final payment, the lender must execute and file a written, docHubd document (typically referred to as a release or satisfaction of mortgage) that acknowledges the mortgage is satisfied or paid in full. Notice to the property owner.
Witness Requirements Deeds of Conveyance: Requires two witnesses and a notary acknowledgment. Mortgages: Do not require witnesses but must be acknowledged to be recorded.
Under federal law, the servicer is generally required to send you a payoff statement within seven business days of your request, subject to a few exceptions. (12 C.F.R.
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How do I discharge a mortgage? Notify your lender: docHub out to your lender and discuss your plans to release the mortgage with them. Complete and return the Discharge Authority form: Register your discharge and Certificate of Title:
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 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.
State property records will show whether your lien is released. You can find information on property records by contacting your local Secretary of State or county recorder of deeds.
Within 60 days of the date of receipt of the full payment of the mortgage, lien, or judgment, the person required to acknowledge satisfaction of the mortgage, lien, or judgment shall send or cause to be sent the recorded satisfaction to the person who has made the full payment.

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