What is done with mortgages after recording?
Mortgages are returned to the MORTGAGEE (bank or financial institution lending the money). The MORTGAGOR is the party receiving the loan and is usually the purchaser of the property being transferred. The original mortgage will eventually be returned to the mortgagor, by the mortgagee, when final payment is made to the lender, and after “Satisfaction” is entered by the Recorder on the original mortgage. Once the mortgage is paid it is the responsibility of the mortgagee to have the satisfaction entered on the records. After this is completed, the mortgagee will return the “satisfied” document to the mortgagor.
