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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.
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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.
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Of course!
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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.
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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.
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The two phrases refer to exactly the same thing. No need to worry, they have the same legal effect.
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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.
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Should be if they ran a title search & are aware it is there. the 2d must be satisfied upon transfer or sale.
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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.
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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.
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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.
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800-540-2684
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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.
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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.
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You should choose Citi Bank when applying for a mortgage because this bank has competitive rates. This bank strives to give its customers the treatment and satisfaction they deserve.
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bank of america lien release phone number
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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
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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.
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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.
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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.
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There is no specific waiting period. You can purchase a home as soon as you reestablish your credit to the satisfaction of any proposed lender.
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Mortgages are recorded on county official public records; and so are the satisfactions of those mortgages once they are paid off. To find out if your mortgage is paid off, you can either research public records in the county that the land securing the mortgage is located in, or you can call the lender and ask them for a the note marked paid in full as well as a copy of the satisfaction of mortgage that they should have recorded. Most counties now have these these public records accessible online and if you do the research yourself, they are free to search.
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No, the noun 'satisfaction' is an uncountable noun. Quantities of 'satisfaction' are expressed using adjectives, for example, some satisfaction, full satisfaction, great satisfaction, etc.
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Mortgage loan originator is an institution or individual that works with borrower to complete a mortgage transaction.A mortgage originator can be a mortgage broker or mortgage banker & is the original mortgage lender.
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Yes, if the mortgage is in default.
Yes, if the mortgage is in default.
Yes, if the mortgage is in default.
Yes, if the mortgage is in default.
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No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
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This is called "economic satisfaction" or economic security.
Some characterize it as false satisfaction.
Similarly the term "employee satisfaction" is often related to income, but not entirely.
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I can give you several sentences.
- I won't give that bully the satisfaction of seeing me cry.
- She has the satisfaction of knowing she is right.
- "I can't get no satisfaction." ("Satisfaction" by the Rolling Stones)
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Yes, if you are the owner of the mortgage or the mortgagee.
Yes, if you are the owner of the mortgage or the mortgagee.
Yes, if you are the owner of the mortgage or the mortgagee.
Yes, if you are the owner of the mortgage or the mortgagee.
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To compare mortgage you can go to websites that have mortgage calculators, you would just search mortgage calculator. With a mortgage calculator you can easily compare mortgage rates.
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The asker felt a sense of satisfaction when his question was answered.
It seems to have been answered to my satisfaction.
The satisfaction of our clients is our primary concern.
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There are several companies that offer Mortgage refinancing in Jacksonville. Some of these are: Jacksonville Mortgage, American Equity Mortgage, and Florida Mortgage.
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If you are speaking of your own mortgage, no.
If you are speaking of your own mortgage, no.
If you are speaking of your own mortgage, no.
If you are speaking of your own mortgage, no.
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You can't subordinate a mortgage. One bank, the senior lender, sometimes subordinates their mortgage to a bank who is giving the homeowner a new mortgage. The subordination gives the new mortgage first place and the old mortgage becomes the second mortgage.
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Your mortgage must be paid unless you have arranged for some type of mortgage insurance.
Your mortgage must be paid unless you have arranged for some type of mortgage insurance.
Your mortgage must be paid unless you have arranged for some type of mortgage insurance.
Your mortgage must be paid unless you have arranged for some type of mortgage insurance.
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The current mortgage fixed rates depend on which bank your mortgage is with and how long your mortgage is for. A Wells Fargo 30 year mortgage is 3.75%.
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An expandable mortgage is a Mortgage allowing the borrower to borrow more money without rewriting the initial mortgage.
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What can a mortgage company do if mortgage has not been paid in 4 years
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There are several mortgage companies available in Connecticut. Some examples of these include, but are not limited to: Capstone Mortgage Co, Generation Mortgage LLC, Noreast Mortgage Services LLC, Reverse Mortgage USA, andTotal Mortgage Services LLC.
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Reverse satisfaction is when you get dizzy and your satisfaction feels reversed.
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Customers satisfaction in anyway ( ethically)
customers satisfaction
customers satisfaction
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The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
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The mortgage banker functions in a continuum extending from the seller/builder of the property to the seller's agent, to the mortgage borrower, to the mortgagee (the mortgage banker), and to the mortgage investor
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A mortgage calculator can be used to determine your mortgage payment after you provide a few simple details. These can be found on most mortgage loan websites or independently such as mortgagecalculator.org.
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Variable mortgage is used for things that involve mortgage such as a house. Every time the prime rate changes, so does the mortgage, therefore the mortgage is variable.
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