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That a mortgage is not recorded does not prohibit the commencement of a mortgage foreclosure action. The mortgage contract between the borrower and the lender is no more binding when it is recorded and so legal action can be taken.

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.

What is the difference between a Deed of Reconveyance and Satisfaction of Mortgage? A Deed of Reconveyance states that the debt that was outlined in a Deed of Trust has been fully paid, and a Satisfaction of Mortgage indicates that a mortgage loan that was specified in a Mortgage Agreement has been fully paid.

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.

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. 1.

The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien.