When a mortgage loan is fully repaid and the borrower requests satisfaction the lender must provide satisfaction?

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.

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Guam
Satisfaction of Mortgage by a Corporation

Guam Satisfaction of Mortgage by a Corporation

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-01498BG

Format:

Instant download

Description

Most states have statutes that provide that a mortgage or deed of trust may be discharged in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law. The certificate must specify that the mortgage has been paid or otherwise satisfied or discharged, and should make a reference to the book and page containing the original mortgage or deed of trust.

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.

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How to fill out Satisfaction Of Mortgage By A Corporation?

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FAQ

Foreclosure process: Mortgages typically go through a judicial foreclosure process, through your county court system. Deeds of trust use a non-judicial foreclosure process. Length of time to foreclose: Mortgage foreclosures usually take significantly longer than non-judicial foreclosures with a deed of trust.

Where a Deed of Reconveyance is used to transfer a property title from a Trustee to a Trustor once the Trustor has paid what they owed under a Deed of Trust agreement, a Satisfaction of Mortgage does the same thing but with a loan created through a Mortgage Agreement.

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.

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.

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.

In a deed of trust, both the borrower and the lender entrust an independent third party ? typically the title company ? to hold legal rights over the real estate securing the loan. Once the borrower fully repays the loan, the third party ? the trustee ? releases all rights to the owner.