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.
A West Virginia Satisfaction of Mortgage by a Corporation is a legal document that signifies the release of a mortgage owned by a corporation in the state of West Virginia. This document is crucial as it relinquishes the lien on the property once the mortgage has been paid off or satisfied. When a corporation obtains a mortgage loan to purchase real estate or secure a loan, a lien is placed on the property by the lender. This lien serves as a legal claim on the property until the loan is fully repaid. Once the corporation has made the necessary payments, the lender issues a Satisfaction of Mortgage by a Corporation to release the lien and confirm that the debt has been settled. In West Virginia, there are several types of Satisfaction of Mortgage by a Corporation that may be applicable based on the specific circumstances of the mortgage transaction: 1. Full Satisfaction of Mortgage by a Corporation: This type of satisfaction is issued when the corporation has successfully paid off the entire principal loan amount along with any interest and fees that were incurred over the mortgage period. 2. Partial Satisfaction of Mortgage by a Corporation: In certain cases, a corporation may not settle the entire mortgage amount but instead make a partial repayment. This document acknowledges the repayment and reduces the mortgage lien accordingly. 3. Satisfaction of Mortgage by a Corporation Refinanced: If a corporation refinances its mortgage, the original mortgage is paid off, and a new mortgage is created. In this case, a Satisfaction of Mortgage by a Corporation Refinanced is issued to clear the lien associated with the old mortgage. 4. Satisfaction of Mortgage by a Corporation Subordinated: Sometimes, a corporation secures a second mortgage or subordinate loan on the property. When this subordinate loan is paid in full, a Satisfaction of Mortgage by a Corporation Subordinated is filed to release the lien associated with the subordinate loan. It is important to note that the specific requirements, forms, and procedures for obtaining and filing a Satisfaction of Mortgage by a Corporation in West Virginia may vary. It is highly recommended consulting with legal professionals or seek guidance from the appropriate authorities to ensure compliance with all legal obligations and formalities.
