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.
Massachusetts Satisfaction of Mortgage by a Corporation is a legal document that signifies the completion of repaying a mortgage loan secured by a property in Massachusetts, and it is filed by a corporation as the lender or mortgagee. This document serves as proof that the corporation has received the outstanding loan amount in full and that the mortgage has been released. The Massachusetts Satisfaction of Mortgage by a Corporation includes various keywords that are crucial to understanding its purpose and importance. These keywords are: 1. Satisfaction of Mortgage: This term refers to the full repayment of a mortgage loan, clearing any liens or encumbrances on the property. 2. Corporation: In this context, a corporation acts as the lender or mortgagee providing the mortgage loan to the borrower or mortgagor. 3. Repayment: The act of returning the borrowed money to the lender according to the agreed-upon terms, including interest and any applicable fees. 4. Mortgage Loan: A loan provided to a borrower to purchase a property, wherein the borrowed amount is secured by the property itself. If the borrower fails to repay the loan, the lender can foreclose on the property. 5. Lender/Mortgagee: The corporation or entity lending the money for the mortgage loan, holding the mortgage as collateral for the loan. 6. Borrower/Mortgagor: The individual or entity obtaining the mortgage loan, using the funds to purchase a property and pledging it as security for the loan. There are different types of Massachusetts Satisfaction of Mortgage by a Corporation, including: 1. Discharge of Mortgage: This type of document is filed to officially release the mortgage lien and discharge the debt owed by the borrower after the mortgage has been satisfied. 2. Partial Satisfaction of Mortgage: Whenever a borrower makes a partial repayment of the mortgage loan, this type of document is utilized to acknowledge the reduced amount owed while keeping the mortgage in effect for the remaining debt. 3. Assignment of Mortgage: A document used when a corporation transfers the mortgage loan to another entity or individual. This assigns the rights and obligations of the mortgage to the new holder. 4. Release of Mortgage: A document filed as evidence that the mortgage loan has been fully repaid and that the mortgage lien has been released, giving the borrower clear ownership of the property. In summary, the Massachusetts Satisfaction of Mortgage by a Corporation is an essential legal document used to declare that a mortgage loan has been satisfied and the mortgagee has received full repayment. It provides evidence that the borrower has fulfilled their financial obligations, releases the mortgage lien on the property, and allows the borrower to claim clear ownership.Massachusetts Satisfaction of Mortgage by a Corporation is a legal document that signifies the completion of repaying a mortgage loan secured by a property in Massachusetts, and it is filed by a corporation as the lender or mortgagee. This document serves as proof that the corporation has received the outstanding loan amount in full and that the mortgage has been released. The Massachusetts Satisfaction of Mortgage by a Corporation includes various keywords that are crucial to understanding its purpose and importance. These keywords are: 1. Satisfaction of Mortgage: This term refers to the full repayment of a mortgage loan, clearing any liens or encumbrances on the property. 2. Corporation: In this context, a corporation acts as the lender or mortgagee providing the mortgage loan to the borrower or mortgagor. 3. Repayment: The act of returning the borrowed money to the lender according to the agreed-upon terms, including interest and any applicable fees. 4. Mortgage Loan: A loan provided to a borrower to purchase a property, wherein the borrowed amount is secured by the property itself. If the borrower fails to repay the loan, the lender can foreclose on the property. 5. Lender/Mortgagee: The corporation or entity lending the money for the mortgage loan, holding the mortgage as collateral for the loan. 6. Borrower/Mortgagor: The individual or entity obtaining the mortgage loan, using the funds to purchase a property and pledging it as security for the loan. There are different types of Massachusetts Satisfaction of Mortgage by a Corporation, including: 1. Discharge of Mortgage: This type of document is filed to officially release the mortgage lien and discharge the debt owed by the borrower after the mortgage has been satisfied. 2. Partial Satisfaction of Mortgage: Whenever a borrower makes a partial repayment of the mortgage loan, this type of document is utilized to acknowledge the reduced amount owed while keeping the mortgage in effect for the remaining debt. 3. Assignment of Mortgage: A document used when a corporation transfers the mortgage loan to another entity or individual. This assigns the rights and obligations of the mortgage to the new holder. 4. Release of Mortgage: A document filed as evidence that the mortgage loan has been fully repaid and that the mortgage lien has been released, giving the borrower clear ownership of the property. In summary, the Massachusetts Satisfaction of Mortgage by a Corporation is an essential legal document used to declare that a mortgage loan has been satisfied and the mortgagee has received full repayment. It provides evidence that the borrower has fulfilled their financial obligations, releases the mortgage lien on the property, and allows the borrower to claim clear ownership.
