PO Box 7063 - Mayagüez, PR 00681-7063

Luciano Quiñones - GRI - President - Lic. #3001

How to cancel a mortgage note

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Active Realty

Para versión en español oprima AQUI

If you have taken a mortgage loan in Puerto Rico (this is, a loan guaranteed with your home or any other real estate property) there is a charge over that property and there exists a mortgage note (aside from the deed). Once you pay off your loan you might think that there is nothing more you have to do and might decide to burn or throw away that document... DON'T DO IT! You might be getting into serious troubles and unnecessary expenses.

Once you have paid off the loan you must take the note to a lawyer for its cancellation. This means, officially removing it from the books of the Registry of Properties Office. Official cancellation is the only means of removing the charge from your property. If you loose, destroy or throw away a mortgage note, the charge will continue to affect your property no matter if you have all the receipts and evidence that you paid off that loan. Even a photocopy of the document won't do! You need the original note or you must then proceed to cancel it via newspaper edicts, which is a very slow and costly proccess. Worst yet, if that document falls on unscropulous hands you might be liable and required to pay it again or your property might be executed!

As you can see, a mortgage note is not a simple piece of paper. It is a very important and delicate document. If you have one, keep it in a safe place, or better yet, cancel it as soon as possible. If you destroyed or misplaced it, begin the process of cancellation by edict right away, so that if at any moment you want to sell your property, you won't have to deal with that problem at the last minute.

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