David Saks: December 2013

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 2468

        #2468

When a mortgagee gives a mortgagor a document that declares that the debt has been paid in full this document is commonly referred to as a deed of complete release and revision.

Is this malarky true or false ?

Please take your time on this tough question. The solution is posted below the wildlife photo.

 wildlife

A. False (wasn't that tough ?)

The document the mortgagee gives to the mortgagor when the debt has been satisfied and completely paid in full is known as a satisfaction of mortgage document or a certificate or discharge of mortgage.

It may also be referred to as a mortgage release document.




David Saks



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Comment balloon 0 commentsDavid Saks • December 02 2013 05:03AM
Real Estate Practice : Lesson 2468
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#2468 When a mortgagee gives a mortgagor a document that declares that the debt has been paid in full this document is commonly referred to as a deed of complete release and revision Is this malarky true or false Please… more
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#2463 If a provision is included in a mortgage that will permit the lender to declare an entire loan balance due and payable if the property is sold this provision is commonly referred to as a prepayment penalty. Is this true or false.. more
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