Escrow & Title
In Louisiana, a 'cancellation of mortgage' (mainlevée) is required to:
AVoid a lease agreement
BRelease a paid mortgage from the parish mortgage records✓ Correct
CTransfer a mortgage to a new lender
DReduce the mortgage balance
Explanation
When a Louisiana mortgage is paid in full, the lender must execute and record a cancellation of mortgage (mainlevée) in the parish mortgage records to release the lien. Without this, the paid mortgage continues to appear as an encumbrance on the property.
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