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Borrower and Lender Details: Names and contact information for both parties involved in the mortgage agreement.
Loan and Property Details: The unique identifiers for your mortgage loan and the specific property associated with it.
Verification of Satisfaction: Confirmation that the entire loan amount has been paid off.
l7ou outafi
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∙ 13y agoRecording information consists of the following data:
1) Recording date: day the mortgage is recorded in the county office.
2) Reference : Book # and Page # (the place where the recording information has been captured in the county records.
Sometime instead of book and page # we can also receive a instrument #
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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.
How do you fill out release of mortgage document?
To ensure that you officially release the specific mortgage that has been paid off or satisfied, a discharge of mortgage, or "release of mortgage" will require the following informtion: Original mortgage information Original lender Date Original principal amount Recording information (County, and book/page or Document No#) Borrower's name Property Addresss The release of mortgage needs to be signed by the current mortgage holder of record. The person signing the release needs to have the discharge executed in front of a Notary Public.
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.
How do you obtain a mortgage discharge from Bank of America?
If you are certain the mortgage has been paid off, or you have documentation which obligated Bank of America to issue the release/discharge of mortgage/lien release, then the request is as easy as giving their customer service number a phone and asking for exactly what you need.Before you make the phone call, be sure you have at least the basic mortgage information. (Usually found on a copy of the first page of the recorded mortgage).The information includes:Date of MortgaegBorrower's nameProperty AddressLoan AmountOriginal Principal balanceDate paid off (if available)Recording information (book/page or document number)
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!
How do you fill out release of mortgage document?
To ensure that you officially release the specific mortgage that has been paid off or satisfied, a discharge of mortgage, or "release of mortgage" will require the following informtion: Original mortgage information Original lender Date Original principal amount Recording information (County, and book/page or Document No#) Borrower's name Property Addresss The release of mortgage needs to be signed by the current mortgage holder of record. The person signing the release needs to have the discharge executed in front of a Notary Public.
How would you verify chain of title on a mortgage loan?
If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title:Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.
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.
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.
How do you obtain a mortgage discharge from Bank of America?
If you are certain the mortgage has been paid off, or you have documentation which obligated Bank of America to issue the release/discharge of mortgage/lien release, then the request is as easy as giving their customer service number a phone and asking for exactly what you need.Before you make the phone call, be sure you have at least the basic mortgage information. (Usually found on a copy of the first page of the recorded mortgage).The information includes:Date of MortgaegBorrower's nameProperty AddressLoan AmountOriginal Principal balanceDate paid off (if available)Recording information (book/page or document number)
How would you validate chain of title with a MERS loan?
If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title:Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title: Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title: Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title: Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.
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.
If you take out a home equity loan and pay mortgage recording tax is it deductible per IT-256?
If you were to take out a home equity loan and pay for the mortgage recording tax, it would be deductible and the IT-256 form must be used to claim it.
