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Wyoming
Satisfaction of Mortgage by a Corporation

Wyoming Satisfaction of Mortgage by a Corporation

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-01498BG

Format:

Instant download

Description

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.

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How to fill out Satisfaction Of Mortgage By A Corporation?

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FAQ

A mortgage is the standard security instrument used. Deeds of trust are permitted but are rarely used because mortgages may contain a power of sale and foreclosures of deeds of trust, like mortgages, are subject to redemption rights.

A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.

Satisfaction of Mortgage Timeline However, it generally takes around 30 days and most states give lenders fewer than 90 days to complete the document. The first step requires a written acknowledgment. Your lender will need to document that you made your final payment, completing your repayment period.

A mortgage involves only two parties: the borrower and the lender. A deed of trust has a borrower, lender and a ?trustee.? The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower.

(3) If the mortgage lender does not satisfy the net worth requirements within 120 days, the license of the mortgage lender shall be deemed to be relinquished and canceled and all servicing contracts shall be disposed of in a timely manner by the mortgage lender.

Suppose a mortgage lender fails to record a Satisfaction of Mortgage document within 60 days from the final payment date. In that case, you can file a lawsuit against the mortgagee. Contact a local law firm to speak with an intake specialist about your legal options.

The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. 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.

A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.

Wyoming Satisfaction of Mortgage by a Corporation

Description

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How to fill out Satisfaction Of Mortgage By A Corporation?

Form popularity

FAQ

Does Wyoming use mortgages or deeds of trust?

What effect does a satisfaction of mortgage have on a property?

How long does a bank have to satisfy a mortgage?

What is the difference between a mortgage and deed of trust?

What two things will occur once a mortgage lender fails to follow the steps for satisfying the net worth requirement for more than 120 days?

What happens when a lender fails to record a satisfaction of a mortgage?

What are the consequences for a lender who fails to record a release of lien or satisfaction of mortgage after being paid off in New Jersey?

What is the satisfaction of mortgage loan?

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Wyoming Satisfaction of Mortgage by a Corporation

Description

Related forms

Viewed forms

How to fill out Satisfaction Of Mortgage By A Corporation?

Form popularity

FAQ

Does Wyoming use mortgages or deeds of trust?

What effect does a satisfaction of mortgage have on a property?

How long does a bank have to satisfy a mortgage?

What is the difference between a mortgage and deed of trust?

What two things will occur once a mortgage lender fails to follow the steps for satisfying the net worth requirement for more than 120 days?

What happens when a lender fails to record a satisfaction of a mortgage?

What are the consequences for a lender who fails to record a release of lien or satisfaction of mortgage after being paid off in New Jersey?

What is the satisfaction of mortgage loan?

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