Type In Legal Illinois Mortgage Satisfaction Forms For Free

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.

Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property.

Primary tabs. 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.

CIVIL PRACTICE LAW AND RULES, §§8017, 8021; SOCIAL SERVICES LAW, §106-a: A county clerk is entitled to a fee for recording a satisfaction of mortgage where the county department of social services is the mortgagee but the satisfaction of the mortgage is presented for recording by the mortgagor.

A mortgage commitment letter is a formal document from your lender stating that you're approved for the loan. Lenders issue a mortgage commitment letter after an applicant successfully completes the preapproval process.

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.