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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.
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!
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.
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.
What is difference between Satisfaction of Mortgage and discharge of mortgage?
The two phrases refer to exactly the same thing. No need to worry, they have the same legal effect.
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.
If there is a satisfaction that satisfies priority mortgage is the junior mortgage automatically satisfied?
Should be if they ran a title search & are aware it is there. the 2d must be satisfied upon transfer or sale.
After a Mortgage lender has provided you with a Satisfaction of Mortgage and it is Recorded What is the Statute of Limitations for them to try and reverse it?
Technically they can not reverse the satisfaction through the recorder's office. The only way to reverse would be for you to sign a new mortgage. However the company can sue you or place you in collections for any lawfully correct amount that you still owe. 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. The statute of limitations and rules vary in different jurisdictions. You need to consult an attorney who is familiar with the laws in your jurisdiction.
Which site has the best mortgage calculator?
Calcuator-bankrates.com. This is a unique site for online mortgage calculating. It is ranked 4 stars in customer satisfaction. Not all mortgage calculators are the same. Some require personal info that shouldn't be needed.
What happens if you cannot locate your satisfaction of mortgage papers?
They should be recorded. Just contact your county recorder's office to get a copy. If the satisfaction is not recorded, you will need to see a real estate attorney.
What is the phone number of Bank of America Mortgage Satisfaction Department in Greensboro North Carolina?
800-540-2684
