Closings glossary
Satisfaction of mortgage
The instrument that releases a paid mortgage from the record. Until it is recorded, the old mortgage still appears as a lien against the property.
What is a satisfaction of mortgage?
Quick Answer
The full definition
The instrument that releases a paid mortgage from the record. Until it is recorded, the old mortgage still appears as a lien against the property.
Where does satisfaction of mortgage come up in a New York City closing?
A Brooklyn owner paid off a 2004 home equity line, but the bank never recorded the satisfaction, so the refinance stalls until a replacement is obtained.
What else should you read before closing?
In the glossary
- Payoff letterA lender's statement of the amount required to satisfy and release a mortgage on a specific date, with a daily interest figure for any later date.
- LienA claim against property securing payment of a debt. Liens rank by priority, and closing normally means paying or releasing every one ahead of the ...
- RecordingFiling an instrument with the register or county clerk so it becomes part of the public record. Recording establishes priority against later purcha...
- Curative workThe clearance steps taken between commitment and closing to remove title requirements: releases, satisfactions, corrective deeds, estate paperwork ...
- CEMA (Consolidation, Extension and Modification Agreement)An agreement in which an existing mortgage is assigned and consolidated with new financing rather than being satisfied and re-recorded. It requires...
Questions this raises
- What is curative title work?Curative work clears Schedule B-I before closing: payoffs, missing satisfactions, heirship affidavits, ACRIS indexing fixes and escrow holdbacks in...
- What gets recorded after a NYC closing?Deed, mortgage, assignments and satisfactions record through ACRIS with the City Register, along with transfer tax returns. What is filed instead o...
The statute itself
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