Full question:
Form for Cancellation by individual Form required to completely satisfy a recorded Mortgage?
- Category: Real Property
- Subcategory: Mortgage Satisfaction
- Date:
- State: Florida
Answer:
In Florida, to cancel or satisfy a mortgage, the law states the following:
Within fourteen days of receiving a written request from the mortgagor, the mortgage holder must provide an estoppel letter detailing the unpaid principal balance, interest due, and the per diem rate. Once the mortgage, lien, or judgment is fully paid, the mortgagee or their attorney must execute a written instrument acknowledging satisfaction of the mortgage and have it recorded in the appropriate county records. This must occur within sixty days of full payment. The recorded satisfaction should then be sent to the person who made the payment.
If the mortgage holder fails to satisfy the mortgage after thirty days of a written demand from the payer, they may be guilty of a second-degree misdemeanor (Fla. Stat. § 701.05).
Additionally, certain cancellations or satisfactions of mortgages made before a specific law was enacted are validated if properly recorded (Fla. Stat. § 701.06).
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.