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If there is a satisfaction that satisfies priority mortgage is the junior mortgage automatically satisfied?
Wiki User
∙ 13y ago
Should be if they ran a title search & are aware it is there. the 2d must be satisfied upon transfer or sale.
Wiki User
∙ 13y ago
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Regarding a short sale what does satisfaction of mortgage mean?
Satisfies the debt.ClarificationIf you are selling your real property by a short sale, you must discuss the satisfaction of the mortgage with the bank. In some situations the lender can go after you to collect any deficiency, even months after the sale. To avoid that problem you should make certain the bank records a mortgage discharge that includes a statement that the discharge is in FULL SATISFACTION of the mortgage. You should consult with an attorney who will help to protect your interests in the transaction.
Does satisfaction of mortgage mean clear deed?
Yes. The discharge must be from the correct party (the bank who is the present owner of record of the mortgage) and must be recorded in the land records. It must state that the mortgage has been satisfied or some other language to that effect.
When a mortgage has been satisfied is there a required period of time when the mortgage company has to send the certicate of satisfaction?
each state is different...in NY state it is 60 days...but the answer for your state can be found in the laws of the state...in NY it is Real Property Law
Satisfaction of note with two mortgages?
A note indicating you satisfied both of your mortgages may proceed the deed you will receive from your mortgage company. You should put your deed in a safe place when you get it.
Can lenders sue after satisfaction of mortgage?
Read your Satisfaction of Mortgage carefully. The wording and the document used can vary, depending on the lender and the jurisdiction. The satisfaction or discharge of the mortgage should state that the mortgage has been satisfied. In some cases the note is mentioned also. A satisfaction of the mortgage removes the encumbrance of the mortgage from the subject property. If the mortgage was effectively satisfied and was not recorded in error, the lender would have no reason to sue.In some cases where the mortgage is discharged the notemay not be discharged and will remain as indebtedness against the borrower but not as an encumbrance on the real estate.If the satisfaction was recorded in error the bank would need to take the matter before a judge to request a court order to reinstate the mortgage. However, courts do not always help a lender when it has made that kind of mistake. The statute of limitations and rules regarding that type of action vary in different jurisdictions. You need to consult an attorney who is familiar with the laws in your jurisdiction.Also, a problem has developed in the mortgage/foreclosure related industry whereby entities who have no interest in a mortgage are executing bogus discharges for a fee, convincing unsuspecting consumers that the lender's title is insufficient and the lender will need to take the matter to court in order to defend their ownership of the mortgage. Of course, those discharges are worthless.If you are uncertain about your mortgage discharge then you should consult with an attorney who specializes in real estate law in your jurisdiction.
Who pays for satisfaction of mortgage?
If the mortgagee (lender) fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute. A Satisfaction of Mortgage is a document signed by a mortgagee acknowledging that a mortgage has been fully paid by the mortgagor and that the mortgage is no longer a lien on the property. In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds.
Is it legal to require a satisfaction for an unrecorded mortgage?
It depends on the laws in your specific jurisdiction. In some places, it may be legal to require a satisfaction for an unrecorded mortgage as a condition of the loan agreement, while in others it may not be enforceable. It is advisable to consult with a legal professional in your area for specific guidance on this matter.
Who records a satisfaction of mortgage?
The same local county/parish Registrar or Recorder who recorded the Deed of Trust will record the satisfaction or reconveyance papers. Your mortgage company is responsible for filing the appropriate documentation.
Is the lender required to sign the satisfaction of mortgage before they get the money?
Of course!
Who is responsible for mortgage debt after death?
The mortgage debt is the responsibility of the estate. The mortgage will have to be satisfied before the estate can be closed. Before anything in the estate can be distributed, the debts have to be cleared.
Can I file a satisfaction of mortgage at any branch of the registry of deeds?
There are different systems of land records. Some are filed by town and some by county. You must be sure to file the mortgage release in the same registry district where the mortgage was filed. For example, if your mortgage was filed in Franklin County, Massachusetts, the satisfaction must be filed in Franklin County.
If a seller indicates that the first mortgage is delivered free and clear what does this mean?
A free and clear property means that the mortgage was completely satisfied and there is no more lien on the property as far as the mortgage goes.
