Demand for Satisfaction of Mortgage
A Demand for Satisfaction of Mortgage is a letter that a borrower (mortgagor) sends to a lender (mortgagee) upon satisfying the debt to acquire a Satisfaction of Mortgage.
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Frequently Asked Questions
If your lien is not officially released after having satisfied your mortgage, the lender technically still has a hold on your property. This means that you can’t sell or use it as collateral without conditions as the title has yet to be cleared. In this situation, you would send a Demand to the lender for the appropriate Satisfaction of Mortgage entitled to you.
A Satisfaction of Mortgage is only applicable if you had signed a mortgage agreement with the lender. If you used a deed of trust, the lien is released through a deed of reconveyance. The title of the property will be transferred to you the same fashion as with a Satisfaction of Mortgage.
No. Only the lender and its legal counsel can file a Satisfaction of Mortgage. If they are not to do so, you can pursue this matter legally and claim commensurate damages.
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