This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Delaware Complaint to Compel Mortgagee to Execute and Record Satisfaction and Discharge of Mortgage
State:
Multi-State
Control #:
US-02785BG
Format:
Word;
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How to fill out Complaint To Compel Mortgagee To Execute And Record Satisfaction And Discharge Of Mortgage?
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FAQ
A priority amount is the maximum amount the bank has priority over any subsequent mortgage. Priority amount will be referred to in a loan, and this amount will exceed the actual amount of the loan borrowed from the bank. In general, the priority amount is usually around 1.5 times of the value of a property.
A satisfaction of mortgage, also known as release, cancellation or discharge of mortgage, is a type of legal document that proves you paid your mortgage in full. As a result, it also certifies that the property's title is clear of any liens.
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.
A first mortgagee of unregistered land usually retains the title deeds and has priority over others except prior mortgages that are registered as a land charge in the Land Charges Registry. Otherwise the order is governed by the order of registration.
Suppose a mortgage lender fails to record a Satisfaction of Mortgage document within 60 days from the final payment date. In that case, you can file a lawsuit against the mortgagee. Contact a local law firm to speak with an intake specialist about your legal options.
First-rank mortgage is the most secure form of debt with real estate as collateral. The first-lien or senior debt holder will always be paid the first in case a borrower defaults, compared to lower priority security like second-rank debt.
You'll need to take into account a number of factors when it comes to choosing a mortgage, but the most important is to have an accurate idea of your monthly costs. This will include not just paying back the ?principal? loan, but also interest payments.
Where there are two or more mortgages secured on a property, the order in which the lenders are entitled to be repaid when the property has to be sold. The priority is a concern where there are insufficient funds to repay all of the lenders in full.