Satisfaction, Release or Cancellation of Mortgage by Individual - Alabama 2025

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The document is a Satisfaction of Mortgage form, which certifies the release and satisfaction of a mortgage for a specified property. It acknowledges the receipt of payment and confirms that the mortgage is fully satisfied, allowing the real estate to be released from the mortgage obligations. The document includes sections for details about the mortgage, parties involved, and notarization.

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What is the Alabama Code 35 property 35 9A 201?

(a) A landlord may not demand or receive money as security, in an amount in excess of one months periodic rent, except for pets, changes to the premises, or increased liability risks to the landlord or premises, for tenants obligations under a rental agreement.

Which mortgage clause requires the lender to discharge the mortgage lien?

A defeasance clause is a provision in some mortgage contracts indicating that the borrower will receive the title to the property once all of the mortgage payments have been made. Not every state requires a defeasance clause.

What is satisfaction or release of mortgage?

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 the ALA Code 35 10 20?

Section 35-10-20 - When Indebtedness Presumed to Have Been Paid. This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation. When indebtedness presumed to have been paid.

What happens when no satisfaction of mortgage is recorded?

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 statute of limitations on mortgage debt in Alabama?

If you owe state tax debt, the statute of limitation is 10 years. If you owe credit card or auto loan debt, the statute is 3-4 years. Medical debt and mortgage debt dont run out until 6 years later.

What is the ALA Code 36 20 70?

(a) A competent number of notaries public for the state at large shall be appointed and commissioned by the judges of probate of the several counties of the state and shall hold office for four years from the date of their commission.

Satisfaction, Release or Cancellation of Mortgage by Individual - Alabama 2025

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