Draw On Legal Illinois Mortgage Satisfaction Forms For Free

A deed of reconveyance, also known as a satisfaction of mortgage, is a document that proves you've paid off your mortgage. The deed of reconveyance releases the lien the mortgage lender placed on your property. You'll need this document to prove a clear title when you sell your home.

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.

You can request a copy of the mortgage satisfaction document from your county recorder's office after you pay off your mortgage. Please allow 60 to 90 days after your loan is paid in full before contacting them for a copy of the lien. Note: timeframes can vary by county and could take up to six months.

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.

Key Takeaways A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.

After the terms of a loan are satisfied, your lender will report your final payment to the major credit bureaus. The loan account on your credit report will be closed and marked as ?paid in full.? Paying off debt will lower your debt to income ratio, significantly improving your credit score.