This form is a Complaint to Discharge an Existing Mortgage for use in civil proceedings within the state of New Jersey.
New Jersey Complaint to Discharge Existing Mortgage
State:
New Jersey
Control #:
NJ-KB-059
Format:
Word;
Rich Text
Instant download
Description Complaint Closure Letter
Free preview Discharge Letter For Bank Guarantee
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FAQ
Once you've paid off your outstanding mortgage debt, the lender must prepare and issue a release of mortgage. This document officially discharges you from the debt obligation and removes the lien against the property.
4. What do i need to know? The buyer's representative ensures that the seller's representative has allowed for the Discharge of Mortgage Fee in the adjustments. The Lodgement Fee for the Discharge of Mortgage is paid from the pool of source funds (e.g. loan proceeds or purchaser's equity).
A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.
Register the discharge of mortgage Once you return the Discharge Authority form, your bank would prepare a Discharge of Mortgage document. This document must be registered at the Land Titles office.
When discharging your mortgage, you are paying your current loan in full. The mortgage we have registered on the title of your property is removed, and we will no longer hold it as security.
How long does it take to discharge a mortgage? Generally it takes between 14-21 business days to complete the discharge process. At one stage it took less time, around 10-14 business days, but these days more people are refinancing their home loan so there are more discharges taking place.
Often, it is filed directly by the bank or a settlement attorney. However, in some cases, the discharge may be transmitted directly to the person who is paying off the mortgage upon making a final mortgage payment, and that person needs to record the discharge so that clear title can be conveyed to someone else.
An affidavit of title is a legal document provided by the seller of a piece of property that explicitly states the status of potential legal issues involving the property or the seller. The affidavit is a sworn statement of fact that specifies the seller of a property holds the title to it.