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If you have cleared a debt, a mortgage satisfaction document will give you clear title to real property. In other words, mortgage satisfaction is a document that results in release or discharge of a mortgage lien, and indicates that a borrower has cleared his/her debt.
When you pay off your loan and you have a mortgage, the lender will send you or the local recorder of deeds or office that handles the filing of real estate documents a release of mortgage. This release of mortgage is recorded or filed and gives notice to the world that the lien is no more.
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.More items...?
The lender will record the Deed of Trust or Mortgage document in the public records with the appropriate agency in the county where the property is located. Once the loan is repaid, the lender should provide a recordable lien release document.
A Satisfaction of Mortgage, sometimes called a release of mortgage, is a document that acknowledges that the terms of a Mortgage Agreement have been satisfied, meaning that a borrower has repaid their mortgage loan to the lender.
A mortgage release, also known as a mortgage withdrawal, is a legal process that terminates a mortgage lien on a property in Kentucky. It allows homeowners to completely pay off their mortgage and obtain a clear title to their property.
If you have paid off your mortgage or satisfied the terms of your loan, obtaining a mortgage release is necessary to remove the lien from your property's title. It ensures that you have full ownership of your home without any outstanding mortgage obligations.
To apply for a mortgage release in Kentucky, you need to contact your mortgage lender and express your intention to release the mortgage lien. They will provide you with the necessary paperwork and instructions to start the process.
The documents required for a mortgage release in Kentucky may vary slightly depending on your lender, but typically, you'll need to provide proof of mortgage payment, a satisfaction of mortgage document, and any other documents specified by your lender.
Yes, there is usually a fee involved when obtaining a mortgage release in Kentucky. The amount may vary depending on your lender and the complexity of your case. It's best to contact your lender to inquire about the specific fee and payment process.
The time it takes to get a mortgage release in Kentucky can vary. It depends on various factors such as your lender's processing time, the complexity of your case, and the accuracy of your submitted documents. It's recommended to stay in touch with your lender for updates on the progress of your mortgage release request.
While you can't control all aspects of the mortgage release process, there are a few things you can do to potentially speed it up. Make sure to provide accurate and complete documentation, respond promptly to any requests from your lender, and stay in frequent communication to address any potential issues that may arise.
Once you receive a mortgage release in Kentucky, it means that the mortgage lien is officially removed from your property's title. You will have clear ownership of your home, and you can proceed with any further transactions or decisions regarding your property without any mortgage-related restrictions.
Typically, you cannot apply for a mortgage release if you have an outstanding balance on your loan. A mortgage release is generally obtained after you have fully paid off your mortgage or satisfied the terms of your loan. Contact your lender to discuss options or alternatives if you still have an outstanding balance.
If you encounter any issues or complications with your mortgage release process in Kentucky, it's best to contact your mortgage lender directly. They should be able to provide guidance, address your concerns, and help resolve any problems that may arise during the process.
Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.
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. 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. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Kentucky Law
Execution of Assignment or Satisfaction: Must be signed by the mortgagee.
Assignment: An assignment must be in writing and recorded.
Demand to Satisfy: Written demand required. See below, Penalty.
Recording Satisfaction: A holder of a lien on real property shall release the lien in the county clerk's office where the lien is recorded within thirty (30) days from the date of satisfaction.
Marginal Satisfaction: Not allowed.
Penalty: If the court finds that the lienholder received written notice of its failure to release and lacked good cause for not releasing the lien, the lienholder shall be liable to the owner of the real property in the amount of one hundred dollars ($100) per day for each day, beginning on the fifteenth day after receipt of the written notice, of the violation for which good cause did not exist. A lienholder that continues to fail to release a satisfied real estate lien, without good cause, within forty-five (45) days from the date of written notice shall be liable to the owner of the real property for an additional four hundred dollars ($400) per day for each day for which good cause did not exist after the forty-fifth day from the date of written notice, for a total of five hundred dollars ($500) per day for each day for which good cause did not exist after the forty-fifth day from the date of written notice. The lienholder shall also be liable for any actual expense including a reasonable attorney's fee incurred by the owner in securing the release of real property by such violation.
Acknowledgment: An assignment or satisfaction must contain a proper Kentucky acknowledgment, or other acknowledgment approved by Statute.
Kentucky Statutes
382.290 Recording of mortgages and deeds retaining liens -- Assignment -- Discharge -- Form of record -- Clerk's fee.
(1) In recording mortgages and deeds in which liens are retained (except railroad mortgages securing bonds payable to bearer), there shall be left a blank space immediately after the record of the deed or mortgage of at least two (2) full lines for each note or obligation named in the deed or mortgage, or in the alternative, at the option of the county clerk, a marginal entry record may be kept for the same purposes as the blank space. Each entry in the marginal entry record shall be linked to its respective referenced instrument in the indexing system for the referenced instruments.382.335 Certain information to be included in instruments in order for them to be recorded.
(1) No county clerk shall receive or permit the recording of any instrument by which the title to real estate or personal property, or any interest therein or lien thereon, is conveyed, granted, encumbered, assigned, or otherwise disposed of; nor receive any instrument or permit any instrument, provided by law, to be recorded as evidence of title to real estate, unless the instrument has endorsed on it, a printed, typewritten, or stamped statement showing the name and address of the individual who prepared the instrument, and the statement is signed by the individual. The person who prepared the instrument may execute his or her signature by affixing a facsimile of his or her signature on the instrument. This subsection shall not apply to any instrument executed or acknowledged prior to July 1, 1962.Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.
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. 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. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Kentucky Law
Execution of Assignment or Satisfaction: Must be signed by the mortgagee.
Assignment: An assignment must be in writing and recorded.
Demand to Satisfy: Written demand required. See below, Penalty.
Recording Satisfaction: A holder of a lien on real property shall release the lien in the county clerk's office where the lien is recorded within thirty (30) days from the date of satisfaction.
Marginal Satisfaction: Not allowed.
Penalty: If the court finds that the lienholder received written notice of its failure to release and lacked good cause for not releasing the lien, the lienholder shall be liable to the owner of the real property in the amount of one hundred dollars ($100) per day for each day, beginning on the fifteenth day after receipt of the written notice, of the violation for which good cause did not exist. A lienholder that continues to fail to release a satisfied real estate lien, without good cause, within forty-five (45) days from the date of written notice shall be liable to the owner of the real property for an additional four hundred dollars ($400) per day for each day for which good cause did not exist after the forty-fifth day from the date of written notice, for a total of five hundred dollars ($500) per day for each day for which good cause did not exist after the forty-fifth day from the date of written notice. The lienholder shall also be liable for any actual expense including a reasonable attorney's fee incurred by the owner in securing the release of real property by such violation.
Acknowledgment: An assignment or satisfaction must contain a proper Kentucky acknowledgment, or other acknowledgment approved by Statute.
Kentucky Statutes
382.290 Recording of mortgages and deeds retaining liens -- Assignment -- Discharge -- Form of record -- Clerk's fee.
(1) In recording mortgages and deeds in which liens are retained (except railroad mortgages securing bonds payable to bearer), there shall be left a blank space immediately after the record of the deed or mortgage of at least two (2) full lines for each note or obligation named in the deed or mortgage, or in the alternative, at the option of the county clerk, a marginal entry record may be kept for the same purposes as the blank space. Each entry in the marginal entry record shall be linked to its respective referenced instrument in the indexing system for the referenced instruments.382.335 Certain information to be included in instruments in order for them to be recorded.
(1) No county clerk shall receive or permit the recording of any instrument by which the title to real estate or personal property, or any interest therein or lien thereon, is conveyed, granted, encumbered, assigned, or otherwise disposed of; nor receive any instrument or permit any instrument, provided by law, to be recorded as evidence of title to real estate, unless the instrument has endorsed on it, a printed, typewritten, or stamped statement showing the name and address of the individual who prepared the instrument, and the statement is signed by the individual. The person who prepared the instrument may execute his or her signature by affixing a facsimile of his or her signature on the instrument. This subsection shall not apply to any instrument executed or acknowledged prior to July 1, 1962.