MERS Satisfaction

I have a Satisfaction of Mortgage recorded in Palm Beach Florida by MERS in conjunction with a short sale of my property. The language reads as follows:

Know all men by these presents: MERS is the owner of and holder of a certain mortgage deed executed by My_Name to MERS bearing Date 01/01/2005 recorded on 01/13/2005 in Official Records Book OR XXX234, Page 999, Instrument # XXX2228899 in the office of the Clerk of the Circuit Court of Palm Beach County State of Florida, securing a certain note in the principal sum of $300,000.00 Dollars, and certain promises and obligations set forth in said mortgage deed, upon the property situated in said State and County hereby acknowledge full payment and satisfaction of said note and mortgage deed, and surrenders the same as canceled, and hereby directs the Clerk of the said Circuit Court to cancel the same of record.

Witnessed sealed notarized etc. and recorded.

Is this a release of my note as well as the mortgage? I have no cancelled note, and have not yet received a 1099C from my “lender”. They reserved the right to pursue a deficiency judgement in their short sale letter. This sure looks like MERS recorded the note as paid in full and satisfied along with the mortgage.

Thanks
Jeff

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Hell Jeff,

A release of the mortgage must be recorded for conveyance to the new buyer with clear title and that’s simply a boilerplate MERS satisfaction.  The estoppel letter would govern the collection of any deficiency.  And finally, 1099’s would be sent in January.

Thanks for the questions and hope this helps.

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.