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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 signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.
With your mortgage paid off, you do not have to send the mortgage company any more money. Send discharge of mortgage letter to your county: Your mortgage company should send all of the required documents to your county clerks office notifying them that your home is no longer bound by a mortgage.
When you pay off a mortgage, the original deed of trust is sent back to you by the mortgage holder marked paid or cancelled. This process usually takes up to 60 days, but because deeds are public records, you can check on the progress with your county registrar.
The Code of Virginia contains several statutes of limitations dealing with the enforcement of a deed of trust. If a deed of trust contains a maturity date, it may be enforced for a period of ten years after the stated maturity date.
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Whenever a release of a deed of trust or other obligation is recorded in the office of the clerk of any circuit court, such clerk shall record a certificate of satisfaction or certificate of partial satisfaction, stating that such deed or other obligation is released.
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.
If the loan is completely paid off (either before or at the end of the loan term), the Trustee is responsible for dissolving the Trust and transferring the legal title over to the new owner (the borrower).
All deeds must be prepared by the owner of the property or by an attorney licensed to practice in Virginia.
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.

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