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.
North Carolina Complaint to Compel Mortgagee to Execute and Record Satisfaction and Discharge of Mortgage
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Multi-State
Control #:
US-02785BG
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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
If the satisfaction isn't recorded within a minimum of 60 days, they may incur penalties and be held liable for damages and attorney's fees.
The statute applies the ten year period tothe foreclosure of a mortgage, or deed in trust for creditors with a power of sale,of real property, where the mortgagor or grantor has been in possession of the property, within ten years after the forfeiture of the mortgage, or after the power of sale became absolute, or ...
What Are the Options Available for Borrowers During Foreclosure in North Carolina? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before or after the sale, or filing for bankruptcy.
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 deed in lieu of foreclosure is when the mortgage loan servicer and/or mortgage loan holder agrees to accept the deed to the house (accept full legal and actual ownership of the house), typically in return for allowing the homeowner to walk away free and clear of any further obligations.
(a) Except as provided in subsection (b), no person shall exercise any power of sale contained in any mortgage or deed of trust, or provided by statute, when an action to foreclose the mortgage or deed of trust, is barred by the statute of limitations.
The statute applies the ten year period tothe foreclosure of a mortgage, or deed in trust for creditors with a power of sale,of real property, where the mortgagor or grantor has been in possession of the property, within ten years after the forfeiture of the mortgage, or after the power of sale became absolute, or ...
A power of sale foreclosure is a contractual right under the terms of a deed of trust which gives the trustee the power to sell the real property on behalf of the lender if the borrower defaults. The procedure for power of sale foreclosure is contained in Article 2A in Chapter 45 of the North Carolina General Statutes.