Posted: Sun Apr 04, 2004 11:26 pm Post subject: Satisfaction of Mortgage
Satisfaction of Mortgage is a document issued by the mortgagee when the mortgage loan is paid in full. It is also known as 'release deed'. It is usually recorded with the County Recorder (or Recorder of Deeds) in order to to clear the title to the real property owned by the person who paid off the debt.
For example, Jack has taken a loan of $400,000 from Carole 10 years back. After 10 years when he was able to repay the mortgage amount in full, Carole issued him a document. The document stated that Jack has paid off the entire loan within the specified time period. This document is known as 'satisfaction of mortgage'.
Posted: Tue Nov 01, 2005 8:04 pm Post subject: RE:
Hi Whitney,
Welcome to the forums.
The satisfaction of mortgage is a legal document which specifies that as a borrower you have been successful in paying off the loan. This will help to clear the title to the real property owned by you.
Whenever your financial data is being sent to the credit reporting agencies and they evaluate your creditworthiness, this document will act as an evidence for your timely repayment of the mortgage debt. This will increase your credibility and help you to get a better score. This will in turn help you to convince a lender that you can afford to pay off a mortgage.
Hope that this information will fulfill your needs.
Please feel free to write back to us with further queries.
Yes you do get a paper deed after paying off your mortgage.
Normally, after you pay off a mortgage, one of the two things is done by the mortgage company. A payoff document is forwarded to you by the mortgage company which is called a deed of release and re-conveyance allowing you to record.
A second method is where your payoff document is recorded and then it is forwarded to you by the county recorder's office.
Welcome to MortgageFit Forums. It's nice to see you again.
In case you have lost a deed you can inform and request the Recorder of Deeds Office for a duplicate copy. The charge is usually $1.50 per page. If you want the copy certified there then an additional fee of $1.50 will be charged.
You have to mention your full name, location of your property and the date of purchase which helps incase you have the County Tax Parcel Number.
I paid off my mortgage in March. Mortgage lender is a private party. According to him he has recorded a satisfaction of judgment in May. But as of Nov. 12 the country recorders say that they have nothing. How do I get my deed?
Posted: Wed Dec 14, 2005 10:31 pm Post subject: RE:
Hi,
If you have paid off your mortgage, the lender should have recorded a satisfaction of mortgage document. The lender needs to congratulate you on paying off your mortgage.
Now is the exact time to ask your lender for the original or a copy of the recorded document. Make sure that the document has been stamped initially and recorded by the recorder of deeds. if your lender does not follow the state law that requires prompt, recorded proof of mortgage payment, you may have to take help from a real estate attorney in the county where the property is located.
Posted: Fri Jan 13, 2006 1:41 pm Post subject: filing a Satisfaction of mortgage
Hello, The bank has snet us our Satisfation of Mortgage and said that we may file it with the County Recorder along with a fee to be paid at that time. Why is it neccesary to record it with the County Recorder and why the fee?
The satisfaction of mortgage or a mortgage is recorded in the county recorder's office to protect it under the recording statutes and is valid between the parties involved.
Sam
