Escrow & Title
In Illinois, a mortgage is satisfied and the lien released when the borrower:
AMakes 50% of the total scheduled payments
BPays off the loan in full and the lender records a release (satisfaction) of mortgage✓ Correct
CSells the property
DThe mortgage automatically expires after 30 years
Explanation
A mortgage lien is released when the borrower pays off the loan in full and the lender executes and records a release (or satisfaction) of mortgage. Until this document is recorded, the lien remains as an encumbrance on the title.
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