What is satisfaction of mortgage not filed?

Satisfaction of mortgage not filed refers to a situation where the lender does not officially record that the mortgage has been paid off and satisfied. This can lead to confusion and potential issues in proving that the debt has been fully repaid.

What are the types of satisfaction of mortgage not filed?

There are two main types of satisfaction of mortgage not filed: partial satisfaction, where only a portion of the mortgage is marked as paid, and complete satisfaction, where the entire mortgage debt has been repaid but not officially recorded.

Partial satisfaction
Complete satisfaction

How to complete satisfaction of mortgage not filed

To complete satisfaction of mortgage not filed, follow these steps:

01
Contact your lender to ensure all payment details are up to date.
02
Request a satisfaction of mortgage document from the lender.
03
Have the document notarized if required by your state laws.
04
Submit the document to the county recorder's office to officially record the mortgage as satisfied.

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Questions & answers

A Satisfaction of Mortgage is issued by the lender after they have received the final mortgage payment from the borrower. It's signed by the mortgagee (in the presence of a witness in some states and counties) and then notarized by a registered notary public.
This responsibility typically lies with your title or escrow agent. They will “record” the deed by filling out and filing your original deed in the appropriate government office in your local county. When it's done properly, a deed can be recorded in a matter of hours after your home closing process concludes.
In addition the following information should be included: The Payee Name. The Owner(s) of the mortgage holder. Total amount of mortgage. Mortgage date of execution. Full and legal description of the property to include tax parcel number. Acknowledgement that all payments have been made in full.
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.
Mortgages are interests in property, and so can and should be recorded as soon as possible after the closing. Most states have recording statutes that impose restrictions on when and how a document conveying property rights can be legally created. Recording statutes are important for several purposes.
If Your Deed Is Not Recorded, the Property Could Be Sold Out From Under You (and Other Scary Scenarios) In practical terms, failure to have your property deed recorded would mean that, if you ever wanted to sell, refinance your mortgage, or execute a home equity line of credit, you could not do so.