I'm not familiar with Florida (or even US) law when it comes to loans/mortgages for DVC. Are lenders required to issue a loan satisfaction document once the amount is paid off? I noticed that Disney did this on our direct contract but I'm not sure if this is required or just some DVC/Disney does once the loan is satisfied. I paid off a short-term resale loan back in April/May but I don't see any registered loan satisfaction document.
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Are lenders required to issue loan satisfaction after payoff. | Forum
Alex Marks
Nov 16 '23
Is the mortgage recorded? If so then they should have recorded the satisfaction and mailed you the original mortgage stamped paid. If no mortgage is recorded they would have just provided you in the mail something to show it was satisfied.
Claudette Leanna
Nov 16 '23
Congrats on paying off your loan! In general, yes, lenders are usually required to issue a loan satisfaction document or a release of lien once a loan is fully paid off. This serves as your official proof that the debt has been settled. The process can vary by state, and while Disney seems to have their own way of confirming loan satisfaction, it's always good to check with your specific lender, especially for a resale loan.
If you haven't received anything yet, it might be worth giving them a nudge. For more financial know-how or if you're considering new loan options, www.tembusufs.com can provide some helpful insights. It's important to keep all your paperwork for peace of mind.
If you haven't received anything yet, it might be worth giving them a nudge. For more financial know-how or if you're considering new loan options, www.tembusufs.com can provide some helpful insights. It's important to keep all your paperwork for peace of mind.
