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What happens when no satisfaction of a mortgage is recorded?
Therefore, there is compelling need for the notary for a mortgage and related documents which must be recorded (satisfaction of mortgage, release of lien of mortgage, spreader agreement and many others).
Is lien release the same as satisfaction of a mortgage?
As a result, a mortgage lien release is required to free the title and the borrower from that lien. The release does not erase the lien. Instead, the release is filed as a subsequent and corresponding instrument in the public record. It may also be called a satisfaction or deed reconveyance.
What is the difference between a lien release and a satisfaction of mortgage?
The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien.
What is the difference between lien release and satisfied?
Lenders can either: 1) Release the lien and declare the debt paid and settled in full (called a full release and satisfaction) or 2) Release the lien only from the property and still consider you personally liable for any unpaid balance of the loan (lien release only).
Who files the satisfaction of a mortgage?
A satisfaction of mortgage notes that you have fully satisfied, or paid off, the mortgage on the property and releases you from further obligations. A lien release, on the other hand, releases the lien from the property. In some cases, may leave a borrower personally liable for any unpaid loan balance.
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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 the difference between release and satisfaction?
A release is a relinquishment of a right, which may be given gratuitously or for inadequate consideration, while an and satisfaction is the discharge of a debt or claim by the acceptance of some payment which is agreed to constitute full satisfaction.
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The Board rates a banks lending performance outstanding if, in general, it demonstrates. (A) excellent responsiveness to credit needs in its assessment area
Satisfaction of Mortgage (by a Corporation) between Dana A
Satisfaction of Mortgage (by a Corporation) between Dana A. Dorsey, Rebecca Dorsey and First Trust and Saving Bank. PDF1. Record Information. STANDARD VIEW
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