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SATISFACTION OF MORTAGEI, the undersigned owner of a mortgage, and of the indebtedness secured by it, made by [MORTGAGEE] to [MORTGAGOR] for [AMOUNT (WRITTEN)] Dollars ($[AMOUNT (NUMBERS)]) on [MONTH
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Executing a mortgage satisfaction refers to the formal action taken to acknowledge that a mortgage has been fully paid off and that the lender releases the borrower from the obligation of the mortgage.
Typically, the lender or mortgage holder is required to file the mortgage satisfaction after the debt has been fully paid by the borrower.
To fill out a mortgage satisfaction, one must provide details such as the names of the borrower and lender, the original loan amount, the property address, and possibly the recording information of the original mortgage. Additionally, a statement confirming that the mortgage has been satisfied should be included.
The purpose of executing a mortgage satisfaction is to officially release the lien on the property, thereby clearing the borrower's title and confirming that they own the property free and clear of the mortgage debt.
The information that must be reported on a mortgage satisfaction includes the borrower's name, lender's name, the date of the mortgage, the legal description of the property, and a statement that the mortgage debt has been fully satisfied.
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