what is an attorney satisfaction document

Full Answer

What is a satisfaction of judgment?

A Satisfaction of Judgment is a document signed by one party acknowledge receipt of the payment. The Satisfaction of Judgment is then filed with the court.

What are the procedures for satisfaction of mortgage documents?

Satisfaction of mortgage documents are prepared and filed by the lending institution. Procedures surrounding satisfaction of mortgage documents and their filing are governed by individual states. Many financial planners recommend accelerating mortgage payments in order to pay off a mortgage faster.

Who is required to sign the satisfaction of mortgage?

The mortgagee, the financial institution or entity that provided the funds to the mortgagor, which were used to purchase the home. The Satisfaction of Mortgage should be signed by the mortgagee, after it has been issued. Some states will require witnesses to be present.

What is a satisfaction of mortgage or lien release?

What is Satisfaction of Mortgage? A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.

What is a satisfaction letter?

A satisfaction of mortgage is a document serving as evidence that you've paid off your mortgage in full, releasing the lien associated with the loan from your property and transferring the title to you. This document typically includes: Borrower and lender contact information. Loan and property information.

What is satisfaction of deed of trust?

After the lender receives the final payment, the loan is considered satisfied. At this time, the lender is responsible for drafting a document to state the loan is paid off as of the specific date.

Is a satisfaction of mortgage the same as a lien release?

A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.

How do you know if your mortgage is satisfied?

You can find information on property records by contacting your local Secretary of State or county recorder of deeds. After you pay off your mortgage, your lender should also return the original note to you. You can also contact the company that paid off your loan to find out if the lien was released.

What is a satisfaction in real estate?

A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.

What does satisfaction piece mean?

Legal Definition of satisfaction piece : a formal written acknowledgment by an obligee (as a mortgagee) that an obligation has been satisfied and that the obligor is discharged.

How long does a bank have to satisfy a mortgage?

Effectively, the lender or mortgage holder has 60 days, beginning upon receipt of the final payment or payment in full of the mortgage, to file the satisfaction or release with the proper clerk in the county the property is located and provide the property owner proper notice that the filing has been completed and the ...

What documents do I get after paying off mortgage?

What Documents Can You Expect?Canceled promissory note (“note”). A promissory note states that someone promises to pay something—in this case, a mortgage. ... Deed of trust or mortgage deed (“deed”). ... Certificate of satisfaction. ... Final mortgage statement. ... Loan payoff letter.

What does satisfying a lien mean?

Satisfaction of lien means full payment of a debt or release of a debtor from a lien by the lienholder.

What is satisfaction fee?

A satisfaction fee is a fee charged by the County Recorder's of Deeds office to record the lien release on the property. The Satisfaction fee is included in the loan Payoff Statement.

What is satisfaction of judgment?

A Satisfaction of Judgment is a document signed by one party acknowledge receipt of the payment. The Satisfaction of Judgment is then filed with the court. This is beneficial to the paying party for multiple reasons. One, the court is put on notice that the debt has been satisfied. Two, the party who received the payment likely cannot later claim ...

Why is satisfaction of judgment important?

In the end, Satisfaction of Judgments are important for parties paying of an obligation in family court. Some parties might be tempted to overlook it.

What is the legal basis for processing personal information?

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What is disclosure in law enforcement?

Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comp ly with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.

What is the order of payment in divorce?

In divorce or family law matters, there is often times an order from the court for a payment from one party to the other. Sometimes, the order is through a consent judgment. Other times, the court might order the payment after a trial or hearing. The payments can sometimes involve property settlements in a divorce.

What happens if you don't receive payment in a satisfaction of judgment?

One, the court is put on notice that the debt has been satisfied. Two, the party who received the payment likely cannot later claim that they didn’t receive payment when they signed a Satisfaction of Judgment.

What is an example of a marital settlement?

For example, one party might be ordered to the pay the other party a certain amount for property settlement. It could be that an account is being divided and one party is to pay the other. It could be that an item of marital property is being sold or refinanced and a payment is being ordered to another. These are just a couple examples.

What is satisfaction of judgment?

A Satisfaction of Judgement is proof you paid what you owed. Without this document, it will be impossible to get a mortgage, secure a loan, buy a car, rent an apartment, or do anything else that requires you assume new credit. Without the form, collection efforts can also still continue.

What to do if you don't receive a judgement release?

If you still do not receive a judgement release, you will need to petition the court and show evidence you satisfied your debt.

What is a satisfaction of mortgage?

A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property. Lending institutions are responsible for preparing and filing the satisfaction of mortgage with the appropriate county recorder, land registry office, city registrar, ...

Who is responsible for preparing and filing the satisfaction of mortgage?

Lending institutions are responsible for preparing and filing the satisfaction of mortgage with the appropriate county recorder, land registry office, city registrar, or recorder of deeds.

What happens if a satisfaction of mortgage is not filed?

In the event that a satisfaction of mortgage is not filed and recorded with the appropriate agency, the property could continue to show a lien against it despite repayment.

Why is satisfaction of mortgage important?

The satisfaction of mortgage is also useful if the owner wants to pledge the property as collateral for a business or personal loan. Of course, the merits of taking out a loan using the house as collateral, after spending decades paying off the mortgage, should be thoroughly considered before being done.

How long does it take to get a satisfaction of mortgage?

If multiple parties have been involved in the loan, then it may take a few weeks for the final satisfaction of mortgage document to be prepared. A satisfaction of mortgage document will include the names ...

When a borrower prepays their mortgage, what is the satisfaction of the mortgage?

When a borrower prepays their mortgage or makes the final mortgage payment, a satisfaction of mortgage document must be prepared, signed, and filed by the financial institution in ownership of the mortgage. The satisfaction of mortgage document is created by a lending institution and their legal counsel. Oftentimes the original mortgage lender will ...

Who is responsible for mortgage documentation?

If sold, the owner of the mortgage at the time of the final payment is responsible for completing the satisfaction of mortgage documentation. If multiple parties have been involved in the loan, then it may take a few weeks for the final satisfaction of mortgage document to be prepared.

Where to record a satisfaction of mortgage?

Upon signature and notarization of the document, the document should be recorded with the local County Recorder’s Office or Land Registry. Once the Satisfaction of Mortgage is filed appropriately the lien is lifted.

What is a satisfied mortgage?

A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property. This means the borrower has completely repaid their loan to ...

What is a deed of reconveyance?

The Deed of Reconveyance is a legal document that transfers the title of the property back to the mortgagor from the Trustee. The document is utilized to acknowledge that the borrower has fulfilled all duties and payment has been received in full under a Deed of Trust.

Does satisfaction of mortgage have a header?

The Satisfaction of Mortgage will have a blank header that is necessary for the County Recorder. The County Recorder will in turn stamp the document with a filing number and any other form of information as deemed necessary, which will help identify and record the document. This space should be left blank and not tampered with.