Download As Ppt Legal Florida Mortgage Satisfaction Forms For Free

The lender has a legal obligation to draft, notarize, and file a Florida Satisfaction of Mortgage. While the final payment satisfies the borrower's debt, it does not automatically clear the property title of the lien since the lien is a part of the public record.

How Do Florida Mortgage Satisfactions Work? Written acknowledgment. Upon receiving your final payment, the lender must execute and file a written, notarized document (typically referred to as a release or satisfaction of mortgage) that acknowledges the mortgage is satisfied or paid in full. ... Notice to the property owner.

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.

The lender is required under Florida law to prepare a Florida Satisfaction of Mortgage, which must then be recorded with the clerk of the court in the county where the property is located. A notice of the filing must also be shared with the borrower.

Within 60 days after 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.

In a nutshell, a satisfaction of mortgage is a document signed by your lender stating that you fully paid off your mortgage and that the mortgage is no longer a lien on the property. To learn more about the Florida Statutes relating to mortgage satisfactions, visit: .flsenate.gov/Laws/Statutes/2011/Chapter701/All.