Many homeowners (“mortgagors”) focus on one goal: paying off their mortgage (also known as a “charge”) so they can finally enjoy full and clear title to their property. Although paying off the loan is the toughest battle, it does not, on its own, remove the mortgage from title. There are several steps that must be taken to remove the charge, depending on the mortgage agreement and the lender (“mortgagee”).
Whether a homeowner has paid off the loan, is refinancing, or is preparing to sell, the charge must be properly discharged to ensure title is clean and marketable and to avoid delays, added costs, and closing complications. There are several mechanisms to discharge a mortgage, as outlined below.
