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What is a record of satisfaction?

What is the significance of recording a satisfaction of mortgage? Well, the significance is it means you paid the thing off and so thats just terrific! And so by recording a satisfaction, the lender signs it and you put it in the public record that shows that the mortgage is no longer a lien against your property.

What is a satisfaction document?

A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.

How long is a deed of trust good for in Virginia?

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.

What does satisfaction mean in real estate?

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.

What is a deed of trust in North Carolina?

Deeds of trust and mortgages are a means of securing the payment of a debt or performance of an obligation. The debt may be established by promissory note, bond or other instrument. In North Carolina, a deed of trust or mortgage acts as a conveyance of the real estate.

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