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Step 1 Identify the parties. The appropriate parties should be documented on the Satisfaction of Mortgage. Step 2 Fill and Sign. The Satisfaction of Mortgage should be signed by the mortgagee, after it has been issued. Step 3 File and Record the Form.
In some cases, a mortgage may have been sold by the mortgage lender to another financial institution. If sold, the owner of the mortgage at the time of the final payment is responsible for completing the satisfaction of mortgage documentation.
What is Satisfaction of Mortgage? A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.
You may contact us at (407) 836-5115 to request a search of your Satisfaction of Mortgage. You may also utilize our web site (www.occompt.com) to see if your Satisfaction has been recorded. Your Satisfaction is recorded under the names of the borrower/mortgagor on the original loan.
In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds. If the mortgagee fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute.
Register the discharge of mortgage Once you return the Discharge Authority form, your bank would prepare a Discharge of Mortgage document. This document must be registered at the Land Titles office.
If a lender takes longer than 90 days to record it, they can be charged up to $1,500 in penalties. So, in theory, a satisfaction should be recorded within 30-90 days of payoff regardless of what state you work in.
Go to the county recorder's office or local courthouse to find recorded mortgages. In states such as California, deeds, liens, mortgage documents and various types of land documents are available for review in the recorder's office.
Step 1 Identify the parties. The appropriate parties should be documented on the Satisfaction of Mortgage. Step 2 Fill and Sign. The Satisfaction of Mortgage should be signed by the mortgagee, after it has been issued. Step 3 File and Record the Form.
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.
Louisiana Law
Assignment: It is recommended that an assignment be in writing and recorded immediately.
Demand to Satisfy: Upon full payoff, mortgagor may make written request to mortgagee to produce the satisfied promissory note or an instrument of release in a form sufficient to bring about the cancellation of the inscription of the recorded mortgage to the mortgagor, whereupon mortgagee must do so within 30 days (60 days if domiciled outside of Louisiana) or suffer liability.
Recording Satisfaction: The recorder of mortgages for the parish of Orleans, and the clerk of court and ex-officio recorder of mortgages of any other parish of the state, shall cancel from the records of his office the inscription of a mortgage upon presentation to him by the debtor thereunder of the original note or sufficient reproduction thereof. (See below, sec. 9:5167)
Marginal Satisfaction: The recorder cancells the mortgage by certification written upon the note.
Penalty: If mortgagee fails to timely comply with written demand for satisfaction as described above (see, Demand to Satisfy), mortgagee is liable for all damages and costs resulting from said failure, including reasonable attorney fees.
Acknowledgment: An assignment or satisfaction must contain a proper Louisiana acknowledgment, or other acknowledgment approved by Statute.
Louisiana Statutes
9:5167.Cancellation of mortgage or vendor's privilege by affidavit of notary or title insurer where paraphed note or other evidence is lost or destroyed
A.(1) When a promissory note paraphed for identification with a mortgage or act creating a vendor's privilege on immovable property has been lost or destroyed after receipt by the notary public who satisfied the promissory note out of the proceeds of an act of sale or mortgage executed before him, or with funds given to him for that purpose, the clerk of court or recorder of mortgages may cancel the mortgage or vendor's privilege upon receipt of an affidavit from the notary public. The affidavit shall set forth all of the following:Acts 1988, No. 986, 1; Acts 2005, No. 169, 8, eff. July 1, 2006; Acts 2005, 1st Ex. Sess., No. 13, 1, eff. Nov. 29, 2005; Acts 2007, No. 337, 1.
5167.1. Cancellation of mortgage inscription by affidavit; penalties
A. A mortgagee shall execute and deliver sufficient acceptable documentation, as required by the clerk of court and ex officio recorder of mortgages for the cancellation of a mortgage, to the mortgagor or the mortgagor's designated agent within sixty days after the date of receipt of full payment of the balance owed on the debt secured by the mortgage in accordance with a payoff statement. The payoff statement shall be furnished by the mortgagee or its mortgage servicer. If the mortgagee fails to execute and deliver acceptable documentation, an authorized officer of a title insurance business, the closing notary public, or the notary public for the person or entity which made the payment may, on behalf of the mortgagor or an owner of the property encumbered by the mortgage, execute an affidavit that complies with the requirements of this Section and record the affidavit in the mortgage records of each parish in which the mortgage was recorded.Acts 1999, No. 869, 1; Acts 2008, No. 415, 2, eff. Jan. 1, 2009.
9:5174.Liability for incorrect or false request for cancellation
A. Any person who requests the recorder to cancel recordation of a mortgage or privilege and who knows or should have known that an act or declaration that he provided to the recorder pursuant to this Title contains materially false or incorrect statements that cause the recorder to incorrectly cancel the recordation of a mortgage or privilege is personally liable to and shall indemnify the recorder and any person relying upon the cancellation for any damages suffered as a consequence of such reliance.Acts 2005, No. 169, 6, eff. July 1, 2006; Acts 2005, 1st Ex. Sess., No. 13, 1, eff. Nov. 29, 2005; Acts 2007, No. 337, 2; Redesignated from R.S. 44:110 by Acts 2010, No. 284, 1, eff. Jan. 1, 2011.
9:5385. Satisfaction of mortgage; production of promissory note or release for cancellation; liability
A. When the obligation secured by a mortgage has been fully satisfied, the mortgagee, the servicing agent, or any holder of the note shall, within thirty days of receipt of written demand by the person providing full satisfaction, produce the satisfied promissory note or an instrument of release in a form sufficient to bring about the cancellation of the inscription of the recorded mortgage to the person providing full satisfaction. However, if the note is held by a federal agency or instrumentality, or a federally sponsored or supported lender, or any nonoriginating secondary mortgage market lender domiciled outside the state of Louisiana, the holder of the note shall, within sixty days after receipt of notice of the satisfaction from the servicing agent, produce the satisfied promissory note or an instrument of release to the servicing agent.Acts 1986, No. 974, 1; Acts 1987, No. 705, 1; Acts 1992, No. 647, 1; Acts 1995, No. 1087, 3.
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.
Louisiana Law
Assignment: It is recommended that an assignment be in writing and recorded immediately.
Demand to Satisfy: Upon full payoff, mortgagor may make written request to mortgagee to produce the satisfied promissory note or an instrument of release in a form sufficient to bring about the cancellation of the inscription of the recorded mortgage to the mortgagor, whereupon mortgagee must do so within 30 days (60 days if domiciled outside of Louisiana) or suffer liability.
Recording Satisfaction: The recorder of mortgages for the parish of Orleans, and the clerk of court and ex-officio recorder of mortgages of any other parish of the state, shall cancel from the records of his office the inscription of a mortgage upon presentation to him by the debtor thereunder of the original note or sufficient reproduction thereof. (See below, sec. 9:5167)
Marginal Satisfaction: The recorder cancells the mortgage by certification written upon the note.
Penalty: If mortgagee fails to timely comply with written demand for satisfaction as described above (see, Demand to Satisfy), mortgagee is liable for all damages and costs resulting from said failure, including reasonable attorney fees.
Acknowledgment: An assignment or satisfaction must contain a proper Louisiana acknowledgment, or other acknowledgment approved by Statute.
Louisiana Statutes
9:5167.Cancellation of mortgage or vendor's privilege by affidavit of notary or title insurer where paraphed note or other evidence is lost or destroyed
A.(1) When a promissory note paraphed for identification with a mortgage or act creating a vendor's privilege on immovable property has been lost or destroyed after receipt by the notary public who satisfied the promissory note out of the proceeds of an act of sale or mortgage executed before him, or with funds given to him for that purpose, the clerk of court or recorder of mortgages may cancel the mortgage or vendor's privilege upon receipt of an affidavit from the notary public. The affidavit shall set forth all of the following:Acts 1988, No. 986, 1; Acts 2005, No. 169, 8, eff. July 1, 2006; Acts 2005, 1st Ex. Sess., No. 13, 1, eff. Nov. 29, 2005; Acts 2007, No. 337, 1.
5167.1. Cancellation of mortgage inscription by affidavit; penalties
A. A mortgagee shall execute and deliver sufficient acceptable documentation, as required by the clerk of court and ex officio recorder of mortgages for the cancellation of a mortgage, to the mortgagor or the mortgagor's designated agent within sixty days after the date of receipt of full payment of the balance owed on the debt secured by the mortgage in accordance with a payoff statement. The payoff statement shall be furnished by the mortgagee or its mortgage servicer. If the mortgagee fails to execute and deliver acceptable documentation, an authorized officer of a title insurance business, the closing notary public, or the notary public for the person or entity which made the payment may, on behalf of the mortgagor or an owner of the property encumbered by the mortgage, execute an affidavit that complies with the requirements of this Section and record the affidavit in the mortgage records of each parish in which the mortgage was recorded.Acts 1999, No. 869, 1; Acts 2008, No. 415, 2, eff. Jan. 1, 2009.
9:5174.Liability for incorrect or false request for cancellation
A. Any person who requests the recorder to cancel recordation of a mortgage or privilege and who knows or should have known that an act or declaration that he provided to the recorder pursuant to this Title contains materially false or incorrect statements that cause the recorder to incorrectly cancel the recordation of a mortgage or privilege is personally liable to and shall indemnify the recorder and any person relying upon the cancellation for any damages suffered as a consequence of such reliance.Acts 2005, No. 169, 6, eff. July 1, 2006; Acts 2005, 1st Ex. Sess., No. 13, 1, eff. Nov. 29, 2005; Acts 2007, No. 337, 2; Redesignated from R.S. 44:110 by Acts 2010, No. 284, 1, eff. Jan. 1, 2011.
9:5385. Satisfaction of mortgage; production of promissory note or release for cancellation; liability
A. When the obligation secured by a mortgage has been fully satisfied, the mortgagee, the servicing agent, or any holder of the note shall, within thirty days of receipt of written demand by the person providing full satisfaction, produce the satisfied promissory note or an instrument of release in a form sufficient to bring about the cancellation of the inscription of the recorded mortgage to the person providing full satisfaction. However, if the note is held by a federal agency or instrumentality, or a federally sponsored or supported lender, or any nonoriginating secondary mortgage market lender domiciled outside the state of Louisiana, the holder of the note shall, within sixty days after receipt of notice of the satisfaction from the servicing agent, produce the satisfied promissory note or an instrument of release to the servicing agent.Acts 1986, No. 974, 1; Acts 1987, No. 705, 1; Acts 1992, No. 647, 1; Acts 1995, No. 1087, 3.