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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 ...
Afterward, Jefferson’s bank disputed the mortgage payment amounts, and according to the broadcaster, in 2019, the bank filed a motion for summary judgment to take the house. It’s now in ...
A deed of trust has a crucial advantage over a mortgage from the lender's point of view. If the borrower defaults on the loan, the trustee has the power to foreclose on the property on behalf of the beneficiary. In most U.S. states, a deed of trust (but not a mortgage) can contain a special "power of sale" clause that permits the trustee to ...
In response, a slight majority of U.S. states have adopted nonjudicial foreclosure procedures in which the mortgagee (or more commonly the mortgagee's servicer's attorney, designated agent, or trustee) gives the debtor a notice of default (NOD) and the mortgagee's intent to sell the real property in a form prescribed by state statute; the NOD ...
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.