satisfaction of mortgage


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satisfaction of mortgage

The process of making a notation in the public records that a mortgage debt has been paid in full and is no longer a lien upon the described real estate.When paying off a loan, one should make sure the lender records the satisfaction information. Failure to do so could result in later title problems for the owner as he or she attempts to hurriedly obtain the satisfaction in time for a closing.It can also subject the lender to a cause of action for slander of title.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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Part II briefly describes the transformation of the modern mortgage transaction--from its traditional "local" character to the modern development of the "national" mortgage market--and the implications of this transformation for the way in which satisfaction of mortgages occurs.
This gap has complicated the timely satisfaction of mortgages in several ways.
However, the Alabama Supreme Court held the trial court properly limited discovery to the county where the plaintiffs' mortgage was recorded, ruling that claims for the statutory penalty for failure to record the satisfaction of mortgages recorded in different counties may not be joined in one civil action.