Posted on: 04th Apr, 2004 11:26 pm
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'.
A sample of the Satisfaction of mortgage form is given here so that you can have a clear idea about it.
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'.
A sample of the Satisfaction of mortgage form is given here so that you can have a clear idea about it.
Welcome Margarett.
If you have paid off both the mortgagee then both of them need to sign the Satisfaction of Mortgage deed but if you have paid off only one mortgagee then he will only sign it.
If you have paid off both the mortgagee then both of them need to sign the Satisfaction of Mortgage deed but if you have paid off only one mortgagee then he will only sign it.
I need a satisfaction payoff from Mellon Mortgage Acct 626199
I need a copy of my Mellon Mortgage payoff in order to remove this information from the file to sell my property
Now what do I do ? What happens ?
Welcome Robert,
Once the mortgage is paid off in full, you will become the owner of the property. You should try and obtain the mortgage release certificate from your lender and get it recorded at the county recorder's office.
Once the mortgage is paid off in full, you will become the owner of the property. You should try and obtain the mortgage release certificate from your lender and get it recorded at the county recorder's office.
when I refinanced in 1992 the original bank never sent a satisfied document to me or the county how can I fix this now...it is still on my records as a lein
Hi stephanie,
You will have to contact your lender in this regard and try to sort out the matter. You can even contact a real estate attorney and take his opinion in this regard.
Thanks
You will have to contact your lender in this regard and try to sort out the matter. You can even contact a real estate attorney and take his opinion in this regard.
Thanks
My ex-wife held a private mortgage on the house that I occupy. I am desiring to pay her off in full. She has refused to give me any payoff information whatsoever. The mortgage forms used was a PA. Fannie Mae standard mortgage. What recourse do I have to get her to submit the required information so I can pay-off my mortgage and then get a satisfaction of mortgage from her?
Hi HarleyRiders!
Welcome to forums!
As it is a private mortgage, unless your ex-wife lets you know the details, it will be difficult to get any information regarding the same. You can contact an attorney and take his opinion in this matter. He might be able to let you know some legal actions which you might take against her in order to pay off the debt in full.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As it is a private mortgage, unless your ex-wife lets you know the details, it will be difficult to get any information regarding the same. You can contact an attorney and take his opinion in this matter. He might be able to let you know some legal actions which you might take against her in order to pay off the debt in full.
Feel free to ask if you've further queries.
Sussane
l will like to save the fee that l think is big, for doing the satisfaction of mortgage and sendind the document to be recorder, my lender says that $400.00 is the customary charges for doing it.
Welcome H Tena,
It will be better if you could save quite a big amount as your mortgage satisfaction. The fee may vary from one state to another.
It will be better if you could save quite a big amount as your mortgage satisfaction. The fee may vary from one state to another.
Where can I get a satisfaction of mortgage form :D
looking for a form of a satisfaction of mortgage
Hi recet,
You can get a sample satisfaction of mortgage form from the given page: "http://www.lawdepot.com/contracts/satisfaction-of-mortgage-form/" .
You can get a sample satisfaction of mortgage form from the given page: "http://www.lawdepot.com/contracts/satisfaction-of-mortgage-form/" .
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