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Satisfaction of Mortgage

[b:a5aff26956]Satisfaction of Mortgage[/b:a5aff26956] 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.

[b:a5aff26956]For example,[/b:a5aff26956] 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.

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is It's on the satisfaction of mortgage

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Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Regards,
Jessica.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Do you get a paper deed when you pay off a mortgage?

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kat,

Welcome to MortgageFit Forums.

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.

Hope I could clear things to you.

Feel free to ask if you have any further queries.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How would I get a duplicate copy if I have lost the deed to real property?

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kat,

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.

Hope this information helps.

Feel free to ask if you have any more doubts.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Something I would like to add is that you need to enclose a self addressed stamped envelope along with your request letter.

Thanks,
Glen

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Thanks,
Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Patty,

Mortgage, once satisfied, has to be recorded in the county's recorder office and the fees to be paid as per the State law prevailing there.

Regards,
Blue

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think it is recorded for public referance too under state law.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Under the Civil Practice Law nad Rules the county clerk is entitled to a fee for recording a satisfaction of mortgage

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If there are two mortagee's do both need to sign the satisfaction?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I need a satisfaction payoff from Mellon Mortgage Acct 626199

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I need a copy of my Mellon Mortgage payoff in order to remove this information from the file to sell my property

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Now what do I do ? What happens ?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Where can I get a satisfaction of mortgage form :D

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

looking for a form of a satisfaction of mortgage

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi recet,

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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