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What is the difference between satisfaction of mortgage and release of mortgage?
What Is the Difference Between a Release and a Satisfaction of Mortgage? A release is synonymous to a satisfaction of mortgage since they indicate the borrower has repaid their mortgage loan in full and the lien on the property has been lifted.
What does a satisfaction of a mortgage mean?
Section 1921(1) of the Real Property Actions and Proceedings Law requires any mortgagee, including a county department of social services, upon payment of a mortgage and upon the request of the mortgagor or any other person interested in the real property, to execute a satisfaction piece certifying that the mortgage
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 satisfaction of mortgage in New York?
A satisfaction of mortgage, also known as release, cancellation or discharge of mortgage, is a type of legal document that proves you paid your mortgage in full. As a result, it also certifies that the propertys title is clear of any liens.
What does satisfaction of mortgage mean in New York?
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.
Related Searches
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What happens when no satisfaction of a 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.
Related links
The Statute of Frauds and the Parol Release of a Mortgage
by P Hardin III 1953 In many cases the agreement to release has been ac- companied, preceded, or followed by payment or other satisfaction of the debt. That circumstance opens the
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