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.
Pennsylvania Satisfaction of Mortgage by a Corporation is a legal document that signifies the release or discharge of a mortgage that was previously placed on a property by a corporation. It provides evidence that the mortgage loan has been paid off in full, and the corporation no longer holds any claim or interest in the property. The Pennsylvania Satisfaction of Mortgage by a Corporation is an essential legal requirement as it removes the lien on the property, allowing the property owner to have clear title and full ownership rights without any encumbrances. This document serves as proof that the corporation has fulfilled its obligations and satisfied the terms of the mortgage agreement. Different types of Pennsylvania Satisfaction of Mortgage by a Corporation may include: 1. Voluntary Satisfaction: This type of satisfaction occurs when the corporation willingly releases the mortgage lien after receiving the full repayment of the mortgage loan. The borrower has met all the contractual obligations, and the corporation acknowledges the loan has been paid off, subsequently filing the satisfaction of mortgage. 2. Judicial Satisfaction: In certain situations, when a dispute arises between the corporation and the borrower or when there are legal complexities, a court order may be required to satisfy the mortgage. This type of satisfaction is known as judicial satisfaction, and it is authorized by a judge after the court proceedings have concluded. 3. Partial Satisfaction: In cases where the original mortgage includes multiple properties, the corporation might choose to release a portion of the properties from the mortgage lien. This type of satisfaction is called a partial satisfaction, as it clears the mortgage on specific properties, while the lien remains on the remaining ones. Pennsylvania Satisfaction of Mortgage by a Corporation is a critical legal document that finalizes the mortgage repayment process. It provides the property owner with clear title, removing any claim or interest held by the corporation. Compliance with this legal requirement ensures the property's marketability and the ability to secure future financing if needed.
