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LSDefine

Simple English definitions for legal terms

release of mortgage

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A quick definition of release of mortgage:

Release of Mortgage: A paper that says you paid off your loan for your house and you own it all by yourself. It gets written down so everyone knows you don't owe any more money on your house.

A more thorough explanation:

A release of mortgage is a legal document that is used to discharge a mortgage when the borrower has fully paid off the loan. This document is recorded publicly to show that the borrower now has full equity in the property.

John took out a mortgage to buy a house. He made all of his payments on time and eventually paid off the entire loan. To show that he now owns the property outright, John obtained a release of mortgage document from his lender. This document was recorded with the county clerk's office to show that John now has full equity in the property.

Another example could be a couple who took out a mortgage to buy a vacation home. After several years of making payments, they decided to sell the property. In order to transfer ownership to the new buyers, the couple needed to obtain a release of mortgage to show that the loan had been fully paid off and that they had full equity in the property.

These examples illustrate how a release of mortgage is used to show that a borrower has fully paid off a mortgage and now has full equity in the property. This document is important for transferring ownership and for establishing the borrower's legal rights to the property.

releasee | release on recognizance

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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