Wake North Carolina Notice of Satisfaction of Bail Bond Lien on Real Estate
Description
How to fill out Wake North Carolina Notice Of Satisfaction Of Bail Bond Lien On Real Estate?
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FAQ
A Satisfaction of Mortgage is a signed document filed with a relevant local authority that verifies a mortgage loan has been fully paid off and is no longer a lien on your title.
Both a satisfaction of mortgage and deed of reconveyance indicate that the loan has been fully paid and the lien on the property has been released. A deed of reconveyance, however, is typically used in states where a deed of trust is also utilized.
The technical difference between the two comes down to who holds an interest in your property. With a deed of trust, a trustee holds the interest. With a mortgage, the bank holds an interest.
Upon receipt of the final payment, satisfying a mortgage, the mortgagee (lender) must execute and file a written document acknowledging that the mortgage has been satisfied (i.e., paid in full). This written document must be acknowledged, or proven (i.e., notarized).
A Satisfaction of Security Instrument is a document that shows an individual has paid a deed of trust or a mortgage in full. A Security Instrument is a document that creates an interest in real property.
A Satisfaction of Mortgage, sometimes called a release of mortgage, is a document that acknowledges that the terms of a Mortgage Agreement have been satisfied, meaning that a borrower has repaid their mortgage loan to the lender.
A property bond is a type of bond where a valuable piece of property is paid as collateral to ensure the bond. The property gets put up as collateral to either the court or the bail bonds service. They will put a lien on the property, often a home or land.
This release of mortgage is recorded or filed and gives notice to the world that the lien is no more. On the other hand, when you have a trust deed or deed of trust, the lender files a release deed. With a deed of trust, you temporarily give control of the title to your property to the lender for security purposes.
To post a property bond you would need to contact a real estate attorney to execute a Deed of Trust on that property. You may hire a bonding company to post a secured bond. They will charge you a fee--no more than 15% of the total bond--and then be responsible for the full bond.
Both a satisfaction of mortgage and deed of reconveyance indicate that the loan has been fully paid and the lien on the property has been released. A deed of reconveyance, however, is typically used in states where a deed of trust is also utilized.
