Add Comments To Legal Alaska Mortgage Satisfaction Forms For Free

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 property's title is clear of any liens.

Once you finish, your mortgage lender should take steps to prepare a satisfaction of mortgage. From there, they should file it with the correct authorities after it's signed and notarized. Even if your original lender sold your loan to a mortgage servicer (or any other company), the process stays the same.

In some cases, a mortgage may have been sold by the mortgage lender to another financial institution. If sold, the owner of the mortgage at the time of the final payment is responsible for completing the satisfaction of mortgage documentation.

This document identifies the property (by address or some formal location method), the owners, the lenders, and the original amount of the mortgage. It also states that the debt has been paid in full or ?satisfied.? The lender must properly record the mortgage satisfaction with the proper county records department.

Within 60 days of the date of receipt of the full payment of the mortgage, lien, or judgment, the person required to acknowledge satisfaction of the mortgage, lien, or judgment shall send or cause to be sent the recorded satisfaction to the person who has made the full payment.

You Release a Mortgage or Charge when the property charged has been released from the charge or no longer forms part of the company's property. You Satisfy a Mortgage or Charge when the debt of the charge has been paid or satisfied in full or part.