Annotate Legal Arkansas Mortgage Satisfaction Forms For Free

Recording Satisfaction: If any mortgagee shall receive full satisfaction for the amount due on any mortgage, then, at the request of the person making satisfaction, the mortgagee shall acknowledge satisfaction thereof on the margin of the record in which the mortgage is recorded.

In addition the following information should be included: The Payee Name. The Owner(s) of the mortgage holder. Total amount of mortgage. Mortgage date of execution. Full and legal description of the property to include tax parcel number. Acknowledgement that all payments have been made in full.

How long does it take to discharge a mortgage? Generally it takes between 14-21 business days to complete the discharge process. At one stage it took less time, around 10-14 business days, but these days more people are refinancing their home loan so there are more discharges taking place.

A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.

That a mortgage is not recorded does not prohibit the commencement of a mortgage foreclosure action. The mortgage contract between the borrower and the lender is no more binding when it is recorded and so legal action can be taken.

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.