A Satisfaction of Mortgage is used when you need to remove the lien on your property after you have fully paid your home loan. Or maybe you lent money to someone for a mortgage, if they've repaid in full, it's time to give up your interest in the property. You can do it with a Satisfaction of Mortgage document.
A home is often a person's biggest investment and collateral is often needed when taking out a loan. A mortgage is a lien on the property that guarantees the loan, not the loan itself. When you pay off your loan, a Satisfaction of Mortgage removes the lien and makes it official. The place is officially yours, which is quite exciting, but don't forget about the paperwork. After all, something this critical needs to be in writing. If you're the new homeowner, ask for a formal written document from your lender. And if you're the lender, don't forget to send this notice to your borrower. Having a Satisfaction of Mortgage in place is the last step towards homeownership.
Other names for this document: Satisfaction of Mortgage Form, Release of Mortgage Form
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