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John has a 15-year mortgage, which he has been paying off for over 14 years....

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Accounting

John has a 15-year mortgage, which he has been paying off for over 14 years. John elects to pay off the remaining balance of the loan in one lump sum. In return, the lender gives John a Satisfaction of Mortgage letter. Why is this important?

  • All liens on John's property will be released.
  • The lender will place a mortgage lien on John's property.
  • The lender will release the mortgage lien on the property.
  • The lender will pay John a full payment bonus.

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