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What is difference between Satisfaction of Mortgage and discharge of mortgage?
Wiki User
∙ 12y ago
The two phrases refer to exactly the same thing. No need to worry, they have the same legal effect.
Wiki User
∙ 12y ago
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Where to get the form for mortgage discharge?
Traditionally the mortgage provider will have the mortgage discharge forms. Contact the home retention department for information and they usually have the information needed.
How Do you discharge a mortgage?
If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.
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.
What is discharge of mortgage for corporation?
A discharge of mortgage officially recognizes that your loan has been paid off. Once you receive such document, if you get the original, it should be filed with the County/District Registry of Deeds for where the property was located. Only upon recording of the discharge of mortgage will it be officially released. If the discharge is not recorded, any title exam will indicate the mortgage remains outstanding.
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.
How do you correct and accidental discharge of mortgage?
If you are referring to accidentally recording a discharge of mortgage, and you did NOT intend on releasing the mortgage...the solution is to re-record the mortgage with the registry of deeds. If the discharge was properly signed and executed, then it is legally valid and you can not defend it in legal proceedings. Your loan is no longer attached to the properly upon properly releasing the mortgage with a mortgage discharge.
Who can create a satisfaction of mortgage document?
Only the person or lender who owned the mortgage can discharge it. In Massachusetts, if a mortgage discharge has not been provided by the mortgagee within a reasonable period of time, or when the mortgagee is no longer in business, there is a statutory scheme by which proof of payment in full can be recorded with an affidavit. You should speak to someone at your state attorney general's office or a private attorney if you are having difficulty obtaining a discharge for a paid mortgage.
What is discharge of mortgage?
A mortgage grants an interest in the real estate to the lender. Once it is paid in full, a mortgage discharge must be recorded in the land records. A recorded mortgage discharge certifies that the mortgage has been satisfied and releases the interest of the lender in the property and thereby clears the title.
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.
Where to get the form for mortgage discharge?
Traditionally the mortgage provider will have the mortgage discharge forms. Contact the home retention department for information and they usually have the information needed.
How Do you discharge a mortgage?
If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.
Where do you pay discharge of mortgage fee?
If the mortgage has been paid and you receive a discharge from the mortgage holder, it must be recorded in the place where deeds are recorded and the filing fee paid there.
What is the difference between a full discharge of mortgage and a discharge of mortgage?
It appears both documents have the same effect. But if you are referring to having your mortgage discharged, but you did not pay off the loan in full, it may mean that you still have an outstanding debt, but it is no longer secured by your propery (real estate) as its collateral.
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.
Where can I get information on a mortgage I had from 1997 until 2001 from Skipton Building Society?
You can obtain a copy of the mortgage and discharge by visiting the land records office in your jurisdiction.You can obtain a copy of the mortgage and discharge by visiting the land records office in your jurisdiction.You can obtain a copy of the mortgage and discharge by visiting the land records office in your jurisdiction.You can obtain a copy of the mortgage and discharge by visiting the land records office 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.
