Define: Satisfaction Of Mortgage

Satisfaction Of Mortgage
Satisfaction Of Mortgage
Quick Summary of Satisfaction Of Mortgage

Satisfaction of mortgage refers to the process of officially releasing or discharging a mortgage lien on a property once the mortgage debt has been fully repaid or satisfied. When a borrower obtains a mortgage loan to purchase or refinance a property, the lender typically places a lien on the property as security for the loan. Once the borrower has paid off the mortgage in full, the lender is required to provide documentation, often called a “satisfaction of mortgage” or “release of mortgage,” acknowledging that the debt has been satisfied and that the lien on the property has been removed. This document is usually recorded with the appropriate government authority, such as the county clerk’s office, to clear the mortgage from the property’s title and provide evidence that the borrower owns the property free and clear of any mortgage encumbrances. Satisfaction of mortgage ensures that the borrower has fulfilled their financial obligations and has full ownership rights to the property.

What is the dictionary definition of Satisfaction Of Mortgage?
Dictionary Definition of Satisfaction Of Mortgage
n. a document signed by a lender acknowledging that a mortgage has been fully paid. It must be recorded with the County Recorder (or Recorder of Deeds) to clear the title to the real property owned by the person who paid off the debt.
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This glossary post was last updated: 29th March, 2024.

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