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In California, the deed of reconveyance is known as a full reconveyance form. “This document is called a mortgage satisfaction or deed of reconveyance depending on the state,” says Megan ...
If your mortgage lender never filed a satisfaction of mortgage with the local recording office when you paid off your loan, your mortgage documents could save you from a dispute during a future ...
The note documents the promise you made to your mortgage lender to pay back the loan. It includes details about the home as well as the terms of the loan, including repayment. Deed
Historically, a mortgagor (the borrower) and a mortgagee (the lender) executed a conveyance of legal title to the property in favour of the mortgagee as security for the loan. If the loan was repaid, then the mortgagee would return the property; if the loan was not repaid, then the mortgagee would keep the property in satisfaction of the debt.
Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
This was the mortgage by conveyance (aka mortgage in fee) or, when written, the mortgage by charter and reconveyance [8] and took the form of a feoffment, bargain and sale, or lease and release. Since the lender did not necessarily enter into possession, had rights of action, and covenanted a right of reversion on the borrower, the mortgage was ...
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