Escrow & Title
A mortgage is said to be 'satisfied' when:
AThe property is appraised above the mortgage balance
BThe borrower makes 12 consecutive on-time payments
CThe loan is fully repaid and a release of mortgage (satisfaction) is recorded✓ Correct
DThe lender agrees to accept a lower payoff amount
Explanation
A mortgage is satisfied when the loan is fully repaid and the lender records a satisfaction (release) of mortgage. The recorded satisfaction removes the lien from the property's title.
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