Legal Question in Real Estate Law in New York
Mortgage Pay Off
We are about to accept the full balance due on a home mortgage. Who is responsible for notifying the proper authorities that the mortgage has been satisfied, and entered into the court records, and what is the procedure? Is an attorny required? Thank You.
3 Answers from Attorneys
Re: Mortgage Pay Off
A "satisfaction of mortgage" should be prepared and signed by the mortgage holder, and recorded in the same county where the mortgage was recorded, indicating that the mortgage note was paid in full and that the mortgage is entirely discharged. You should have a lawyer prepare and record the document to ensure that it is done properly.
Re: Mortgage Pay Off
Holder of the mortgage has this responsibility unless document shifts the obligation to the borrower. Usually all that is required is that the original mortgage be endorsed for cancellation and recorded wherethe original mortgage was filed. There is a fee for this, usually paid for by the borrower.
Re: Mortgage Pay Off
The holder of the Mortgage (person who accepts payments) has the burden of producing what is known as a "Mortgage Discharge". Though you do not always need to have an attorney prepare the statement, if this is your first time you may want to have an attorney perform the service to insure it's done properly. If I can be of any further assistance feel free to contact me.
Best Regards,
Daniel U. Scott, Esq.
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