You Paid Your Mortgage...Now What?
Updated: Feb 8
I hope this email finds you doing well. For this newsletter, I'd like to focus on how you can make sure the proper documentation is recorded when you pay off your mortgage, a judgment, or any other lien against your property.
Let's say you have a mortgage and you finally pay it off. Once you pay off the mortgage, the bank is required to record what is called a "satisfaction of mortgage" in the official records of your county. The satisfaction is a legal document that lets the world know that your mortgage has been paid and is no longer a lien against your home.
You might ask "well how long does the bank have to record the satisfaction?" Florida law says 60 calendar days, starting from the date the bank received the final payment. You can read the law, Florida Statute 701.04, by clicking here.
If the bank fails to record the satisfaction within the 60-day time frame, you can sue the bank under Florida Statute 701.04 to force the bank to record the satisfaction. If you prevail in the lawsuit, the bank is responsible for your attorney's fees and costs as well.
This law applies not only to mortgages but also applies to payment of other liens against your property and judgments as well. So if you pay off another lien or a judgment, the creditor must record the satisfaction and mail you a copy within 60 calendar days.
In our practice, we have had a couple cases recently where we negotiated payoffs of our clients' mortgages and the banks failed to record the satisfactions. We have had to file suits against the lenders to force them to comply with the law and record the satisfactions in the official records.
Paying off a home mortgage is something to celebrate. Hopefully this newsletter will help you make sure that this big accomplishment is properly documented in the official records.
Have a great afternoon!
Ryan Torrens, Consumer Litigation Attorney
Disclaimer: The information provided in this email does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available in this email is for general informational purposes only.
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