Replace Text In Legal Florida Mortgages Forms For Free

Definition of 'Master Mortgage' The Master Mortgage is a document created when a property is purchased for the first time. It is filed in the public land records and its purpose is to keep track of the initial mortgage and of any liens that might be associated with the property.

Within 60 days of 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.

What is the meaning of equitable mortgage? Also known as Mortgage by deposit of title deeds, it is a process where a borrower deposits their property's title deed with the lender as security for a loan until it is repaid. Equitable mortgage charges create a charge on the property without the need for legal procedures.

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.

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.

A mortgage note?also known as a promissory note or even a mortgage promissory note?is a legal document that binds you to repay your mortgage within an agreed period. The note also outlines the terms of your lending agreement with your mortgage provider.