FREE 10+ Satisfaction of Mortgage Samples in PDF

As a homeowner, paying off their mortgage is a huge accomplishment but it’s not the last task to be completed. You also have to make sure that you have completed all proper and legal documentation. After paying off your mortgage, a satisfaction of mortgage must be prepared by your lender, and require all parties involved to sign the document so it can get notarized. The preparation of the satisfaction of a mortgage with the right records office is one of the responsibilities of a lender.

FREE 10+ Satisfaction of Mortgage Samples

1. Satisfaction of Mortgage Template

2. Basic Satisfaction of Mortgage

3. Satisfaction of Recorded Mortgage

4. Satisfaction of Mortgage Example

5. Sample Satisfaction of Mortgage

6. Printable Satisfaction of Mortgage

7. Satisfaction of Mortgage in PDF

8. Standard Satisfaction of Mortgage

9. Satisfaction of Lost Mortgage

10. Formal Satisfaction of Mortgage

11. Request For Satisfaction of Mortgage

What is a Satisfaction of Mortgage?

Satisfaction of mortgage is a legal document used as proof and confirmation that a mortgage has been paid off and contains the necessary information and provisions for the transfer of collateral title rights. the preparation and filing of the satisfaction of mortgage fall under the responsibility of the lending institutions and the procedures are governed by individual states. This document usually includes details on the borrower and lender’s contact information, loan agreement and property information, and notarization.

How to Complete a Satisfaction of Mortgage?

After paying off your mortgage, the Satisfaction of Mortgage is a document that serves as legal proof that the mortgage is completed and the title is clear of allegations. This legal document is filed by a lender with a local authority such as a county recorder or city registrar but it also depends on the requirements of a certain state.

Step 1: Determine the Parties Involved

The two main parties involved in this contract agreement are the mortgagor which refers to an individual or borrower of cash to secure and pay for a home and the mortgagee which refers to an entity that provides the funds to the mortgagor which was used to secure and buy a home.

Step 2: Provide the Necessary Information

Signed by a mortgagee, the satisfaction of mortgage requires information such as the name of the payee, the owner of the mortgage holder, the total amount of mortgage, the mortgage date of execution, full and legal description of the property, the acknowledgment that all payments have been made in full, the acknowledgment releasing the lender from filing a lien against the property, and the date signed and signature of all important parties.

Step 3: File and Record the Form with your Local Office

After signing and notarization, the Satisfaction of Mortgage will be recorded with the local Country Recorder’s Office or Land Registry.

Step 4: Receive the Satisfaction of Mortgage

It usually takes 30 days before your receive your Satisfaction of Mortgage but it can also depend on the laws and regulations of your state. Some states give the lenders 60 days to prepare and record the documentation from the time a borrower completed his mortgage.

FAQs

A Satisfaction of Mortgage or also known as Mortgage Lien Release is a legal document that proves that the mortgage has been fully paid, all terms of the loan have been achieved, and provides necessary information about the transfer of collateral title rights. This document is prepared and filed by a lending institution with the right local recorder, land purchase or registry office, city registrar, or recorder of deeds.