Pa Satisfaction Mortgage Form
Description Pennsylvania Satisfaction Mortgage Form
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Pennsylvania Satisfaction Piece Mortgage Other Form Names
Pennsylvania Satisfaction Form 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.
Key Takeaways. 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.
You may contact us at (407) 836-5115 to request a search of your Satisfaction of Mortgage. You may also utilize our web site (www.occompt.com) to see if your Satisfaction has been recorded. Your Satisfaction is recorded under the names of the borrower/mortgagor on the original loan.
Step 1 Identify the parties. The appropriate parties should be documented on the Satisfaction of Mortgage. Step 2 Fill and Sign. The Satisfaction of Mortgage should be signed by the mortgagee, after it has been issued. Step 3 File and Record the Form.
If a lender takes longer than 90 days to record it, they can be charged up to $1,500 in penalties. So, in theory, a satisfaction should be recorded within 30-90 days of payoff regardless of what state you work in.
In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds. If the mortgagee fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute.
Lending institutions are responsible for preparing and filing the satisfaction of mortgage with the appropriate county recorder, land registry office, city registrar, or recorder of deeds. Some borrowers prepay their mortgages by making extra mortgage payments in an effort to pay off their mortgages faster.
Go to the county recorder's office or local courthouse to find recorded mortgages. In states such as California, deeds, liens, mortgage documents and various types of land documents are available for review in the recorder's office.