Florida Satisfaction of Mortgage is a legal document used to record the satisfaction of a mortgage debt. It is typically filed with a county recorder or clerk of court in the county where the mortgaged property is located. The document serves as proof that the debt has been paid in full and the mortgage is no longer in effect. There are two types of Florida Satisfaction of Mortgage: voluntary and involuntary. A voluntary satisfaction of mortgage is when the borrower pays off the loan and the lender voluntarily releases the mortgage. An involuntary satisfaction of mortgage is when the debt is paid off by someone other than the borrower, such as an insurance company or a government agency. In both cases, a Satisfaction of Mortgage document must be filed with the appropriate county recorder or clerk of court to officially release the mortgage.
Florida Satisfaction of Mortgage
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How to fill out Florida Satisfaction Of Mortgage?
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FAQ
How do you get a Satisfaction of Mortgage? A Satisfaction of Mortgage is issued by the lender after they have received the final mortgage payment from the borrower. It's signed by the mortgagee (in the presence of a witness in some states and counties) and then notarized by a registered notary public.
How Do Florida Mortgage Satisfactions Work? Written acknowledgment. Upon receiving your final payment, the lender must execute and file a written, notarized document (typically referred to as a release or satisfaction of mortgage) that acknowledges the mortgage is satisfied or paid in full.Notice to the property owner.
Mortgages: Do not require witnesses but must be acknowledged to be recorded.
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.
Witness Requirements Deeds of Conveyance: Requires two witnesses and a notary acknowledgment. Mortgages: Do not require witnesses but must be acknowledged to be recorded.
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.