Escrow & Title
A Wisconsin mortgage is discharged when the lender records a:
ALis pendens
BSatisfaction of mortgage (mortgage release)✓ Correct
CMechanic's lien
DDeed of trust
Explanation
When a mortgage is paid off, the lender records a satisfaction of mortgage (also called a mortgage release or discharge) at the Register of Deeds, removing the lien from title.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
State-Specific Concepts
Mechanic's Lien
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