Mortgage Cancellation

Mortgage Cancellation

Did you pay off your mortgage? Don't forget to cancel the lien at the Property Registry.

Your debt is not automatically eliminated!

• Even if you have paid off your mortgage, the mortgage lien remains active in the Property Registry until it is formally cancelled.
• To be fully released, it is mandatory to sign a mortgage cancellation deed, with the original Promissory Note.

What is a Mortgage Note?

• This is the document you signed when you took over your mortgage.
• It establishes the terms of the loan and serves as collateral for the financial institution.
• Important: The financial institution retains the original Promissory Note until the debt is paid in full.

Ways to cancel the Promissory Note

1. Deed of Cancellation of Mortgage:
   • This is the most common and recommended option.
2. Petition to the Property Registry:
   • Applies only if the mortgage is more than 20 years past due.
3. Judicial process:
   • If the Promissory Note is lost, a court proceeding, which can be costly and time-consuming, will be necessary to cancel it.

Must you be present to sign?

• Yes, but if you are married, it is sufficient for one spouse to sign.
• Are you located outside of Puerto Rico? No problem:
  • You may sign before a notary public in the place where you are located.

Our service includes everything

• Title Study: We verify the legal history of your property.
• Payment of government fees: We take care of all the required paperwork.
• Legal fees: Calculated according to the Notary Law.
• Registration of the deed: We file the necessary documentation at the Property Registry.

Cost and convenience

• Adjusted prices: They vary according to the amount of your mortgage, as the fees are calculated from this.
• 100% online processing: We coordinate everything by email and you will only need to sign in person at the end of the process.
• Clients outside Puerto Rico: You can sign before a notary public anywhere in the world.

In the San Juan metropolitan area?

We offer home delivery service to your home or office.

Avoid unnecessary risks

• If the original Promissory Note is lost, paying off the mortgage will be a more complicated and costly process.
• Anticipate the problems! ➡️ Fill out our evaluation form (free!) and let's get you started today.