Mortgage Cancellation
Did you pay off your mortgage? Don't forget to cancel the lien at the Land 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
- Deed of Cancellation of Mortgage:
- This is the most common and recommended option.
- Petition to the Property Registry:
- Applies only if the mortgage is more than 20 years past due.
- 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.
