The South Carolina Mortgage Lien Satisfaction Affidavit is a legal document used in the process of satisfying or paying off a mortgage lien in the state of South Carolina. This document is completed and signed by the mortgagee (the lender) and provided to the mortgagor (the borrower) when a mortgage loan is paid in full and the lien is satisfied. The affidavit is then filed with the register of deeds in the county where the property is located. There are two types of South Carolina Mortgage Lien Satisfaction Affidavit: one for residential properties and one for commercial properties. The affidavit must include the name of the mortgagor and mortgagee, the property address, the loan amount paid off, the date of payoff, and the signature of the mortgagee.
South Carolina Mortgage Lien Satisfaction Affidavit
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How to fill out South Carolina Mortgage Lien Satisfaction Affidavit?
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No mortgage or deed having the effect of a mortgage or other lien shall constitute a lien upon any real estate after the lapse of twenty years from the date for the maturity of the lien.
You may be able to sell your home for less than you owe, this is called a ?short sale.? The lender must agree to accept this and write off the rest of what you owe. OR you can sign a ?deed-in-lieu? of foreclosure. This means that you are deeding the house back to the lender.
SECTION 29-3-330. Methods of satisfaction or release of security interest; affidavit. (A) In this section these words shall have the following meaning: (1) "Mortgage" means a lien against real property that is granted to secure the payment of money; a deed of trust must be given the same meaning as a "mortgage".
If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance.
Briefly, a mortgagor defendant in a foreclosure action upon which deficiency judgment is rendered may within thirty days after the sale of the mortgaged property apply by verified petition to the Clerk of Court for an appraisal. S.C. Code Section 29-3-680.