Property Owner FAQ's
Frequently Asked Questions
Property owners periodically receive documents from Richmond Monroe that were sent on behalf of the servicer. We have a list of some Frequently Asked Questions from property owners who have received a Satisfaction of Mortgage/Lien Release or other documents that may have been prepared by our company at one time. Please select the dropdown bar that best describes the question(s) that you need answered. If you did not receive the information you were looking for please click to Contact Us.
A Mortgage Satisfaction or Lien Release is a document signed by a lender acknowledging that a mortgage has been fully paid. It must be recorded with the County Recorder (or Recorder of Deeds) to clear the title to the real property owned by the person who paid off the debt. At Richmond Monroe, we prepare the document for our Clients anytime a loan has been paid off in full and send the document to be recorded. Once the Mortgage Satisfaction/Lien Release has been recorded it is returned and sent to the homeowner. This is verification that the loan has been paid off.
Your mortgage loan can be paid off either by you making payments directly to the loan servicer or by refinancing your loan. You can refinance your loan with the same company and still receive a Satisfaction of Mortgage/Lien Release because it is satisfying the original debt. If you haven't paid off your loan either by making payments or by refinancing and you feel that your mortgage has been released in error, you will need to contact the original bank listed within the Satisfaction of Mortgage/Lien Release to question the release. Richmond Monroe only prepares the documents for our Clients. The Client is fully responsible for the loan.
Richmond Monroe prepares documents for lending institutions offering services of preparing the document, sending the document to the appropriate County for recordation, and sending the document to the homeowner once the document has been recorded. Richmond Monroe only releases mortgages that the lender has requested to be released. The lender is fully responsible for the loan.
Please retain the documents for your records. You do not need to do anything else with the documents. They are already legally prepared and recorded, proving that the original debt has been satisfied.
The Mortgage Satisfaction or Lien Release is a document signed by a lender acknowledging that a mortgage has been fully paid. The names on the document are those of the person(s) who originally were stated on the Mortgage/Deed of Trust regardless of how the mortgage was satisfied. It does not reflect the current ownership.
The names showing on the document are those of the person(s) who originally were stated on the Mortgage/Deed of Trust regardless of how the mortgage was satisfied. It does not reflect the current ownership.
Unfortunately we cannot provide you with a Mortgage Satisfaction or Lien Release unless it is specifically requested by our client. We are not the loan servicer so you would have to contact the servicer of your loan at the time it was paid off to request the payoff statement.
Banks often buy and sell mortgages from one bank to another. An “assignment” is the document that is the legal record of this transfer from one bank to another. In a typical transaction, when the bank sells the debt to another bank, an assignment is created and recorded and the promissory note is endorsed to the new bank. The bank does not need homeowner permission to sell the loan to another bank. The bank requested that we prepare and/or record the assignment of mortgage to show public record of the transfer.
Unfortunately we cannot provide you with copies of your mortgage documents. We are not the loan servicer so you would have to contact the servicer to fulfill your request.
No, Richmond Monroe Group (RMG) is service provider for the residential and commercial mortgage industry specializing in document preparation and recording services along with a multitude of additional services where we may work closely with attorney firms based on the services provided to our clients.
No, Richmond Monroe takes security and confidentiality of it's clients very seriously and will not participate in any skip tracing or collection activities.
About Us
Richmond Monroe has been providing services for the commercial and residential mortgage loan servicing industry since 1994.
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