What is the legal wording for forgiving or satisfying of a promissory note?
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What is the legal wording for forgiving or satisfying of a promissory note?
The promissory note is attached to a deed of trust secured by real estate.
Asked on April 18, 2012 under Real Estate Law, Washington
Answers:
Kenneth Berger / Kenneth A. Berger, Attorney at Law
Answered 12 years ago | Contributor
The lender can write on the original note "Paid in Full" and sign, with their appropriate title. Then the lender should request that trustee of the Deed of Trust reconvey by signing at the end of the Deed of Trust a request for reconveyance. The trustee should then "reconvey" the property to you so that you own it in full and without the security obligation of the Deed of Trust.
As always, my comments are only applicable to Washington State and are not a substitute for getting competent, local, and more comprehensive, legal help.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Is it to satisy the mortgage or another debt? Yes, there is general language that is used as well as specific language that may be required by the laws in your state. If this is for real property and there is a lender involved then it is their obligation to provide the satisfaction. Get some help to make sure that it is done properly. Especially if you are the borrower. Good luck.
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