Mortgage Satisfactions of Real Property in Cape Coral, Fort Myers, and Florida

Mortgage Satisfactions of Real Property in Cape Coral, Fort Myers, and Florida

So you have borrowed money, whether it be from a mortgage bank lender or a private individual on real property in Cape Coral, Fort Myers or anywhere in Florida. And now, you have made the last payment and will need to make sure that a mortgage satisfaction of real property is filed for that loan.

loan repaidOnce a mortgage is paid, the holder of the mortgage is required to satisfy the mortgage of record to show that the mortgage is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set out by statute for failure to timely cancel the lien.

Florida Law states that the execution of the satisfaction must be signed by the lender. Upon the full payment of the mortgage, the borrower may demand of the lender that satisfaction be recorded. The lender then has 60 days to comply, or face liability. The penalty against the lender for not complying can be a misdemeanor of the second degree in a civil action suit.

See here the Florida Statutes

F.S.  701.04 Cancellation of mortgages, liens, and judgments.—

F.S. 701.03  Cancellation.—

F.S. 701.05     Failing or refusing to satisfy lien; punishment for.–

http://www.flsenate.gov/Laws/Statutes/2011/Chapter701/All

Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public.

Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com

*This article is for informational purposes only and is not intended as legal advice.

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Posted on February 28, 2014, in Title and tagged , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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