Delete Pages From Legal Oklahoma Satisfaction Of Mortgage Forms For Free

When the loan is paid off, the Lender is supposed to record a statement that the loan was paid on the property. This is a ?release? (called a Reconveyance form in California).

A deed of release literally releases the parties to a deal from previous obligations, such as payments under the term of a mortgage because the loan has been paid off. The lender holds the title to real property until the mortgage's terms have been satisfied when a deed of release is commonly entered into.

A release of mortgage, commonly known as a discharge of mortgage, is a legal document issued by the lender acknowledging that the mortgage debt is settled. It effectively releases the property from the lien, allowing homeowners clear ownership.

A mortgage on real property may be released by written instrument, duly signed and acknowledged and recorded in the office of the county clerk as register of deeds. (OK Statute 46-16. How released.) Generally, the mortgagee/lender has 50 days to release a mortgage to avoid penalty.

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.

When you're at the tail end of your mortgage, you need to discharge your home loan. If it's not done properly, it can impact your ability to sell your property quickly and efficiently. Here's how it's done: Contact your lender ? they'll ask you to complete a mortgage discharge authority form.