Delete Pages From Legal Colorado Satisfaction Of Mortgage Forms For Free

Releases. A Release of Deed of Trust is a written request by the mortgage company or lender, their agent or attorney or a title insurance company to the Public Trustee. The purpose of the release is to remove all or a portion of the property from the lien created by a Deed of Trust.

Just like with a mortgage, funds from the sale of the house will be used to pay off the beneficiary (the lender), and any remaining proceeds will go to the borrower. The Trustee is responsible for ensuring the money is appropriately dispersed.

The Deed of Trust acts as a lien on the property until the borrower has completed payment of their loan. At that point, the lender makes a request to the Public Trustee to release the Deed of Trust, which, when recorded, removes the lien against the property.

A recorded (by the County Clerk and Recorder) Deed of Trust is a legal record of the lien against the owner's property. When the terms of the Deed of Trust are satisfied, a request of Release of Deed of Trust must be recorded to remove the lien from the property.

If the satisfaction of mortgage isn't recorded, the property owner may have trouble when they try to refinance or sell the property. They'll have to chase down the discharge documents and get them recorded in order to clear the title. It can even cause a delay to the closing.

What is a Satisfaction of Mortgage? A Satisfaction of Mortgage, sometimes called a release of mortgage, is a document that acknowledges that the terms of a Mortgage Agreement have been satisfied, meaning that a borrower has repaid their mortgage loan to the lender.