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What is a Satisfaction of Mortgage?
In most cases, if your home loan was through a bank or large financial institution, they will handle this paperwork for you. If the mortgage or loan was handled through a private arrangement, you can easily make the Satisfaction of Mortgage document yourself.
Paying off property or receiving payment in full is satisfying for the buyer and the seller. However, a completed Satisfaction of Mortgage is required to release the lien and obtain the title.
When to use a Satisfaction of Mortgage:
- You just paid off your mortgage to a private lender.
- You sold a property through a private loan agreement that is now paid in full.