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Satisfaction, Release or Cancellation of Mortgage by Corporation Illinois Form

Satisfaction, Release or Cancellation of Mortgage by Corporation Illinois Form

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you're paying off the mortgage it's a huge relief to make that final payment and free yourself from your obligation to a lender but before you wash your hands of that relationship and shred those records or burn them in a pile in the backyard make sure that the lenders records are straight and that the satisfaction of your debt has been publicly recorded I'm Elise Clank here's today's real estate minute when you take out a mortgage you sign a promissory note that makes it your personal obligation to repay that debt you also sign a mortgage that gives your lender a lien on your home now the mortgage gives the lender the right to foreclose in the home sell it and satisfy whatever debt is owed if you fail to pay up each month that mortgage document is in the form of a piece of paper and the original version of that mortgage is supposed to be recorded in the local office that handles document recording sometimes it's called the local recorder

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Illinois deed of trust or mortgage
By Illinois law a deed needs to be recorded within 30 days of when it is delivered and accepted

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