Virginia mortgage rules are strictly followed. On obtaining a mortgage, the borrower has to submit a form to the lender. The lender verifies the form and demands mortgage details of the property from the borrower. The borrower then has to submit a separate written document about property, credits and his income. After complete verification and inspection of documents, the lender is enabled to lend the money on fulfillment of terms and conditions by both parties.
After the full payment of the loan, there is a separate procedure to follow to complete the mortgage procedure. Every mortgage loans in the US demands a written document both on lending and returning the money. This is called as assignment. The mortgage is legal only when it shows a written statement on the money transactions. The assignment is made and recorded. Then the lender should demand for the satisfaction notice that states the full payment details. After the satisfaction is obtained, it should be acknowledged by the Virginia mortgage authorities. Only after all these procedures, the borrower is relieved from the mortgage negotiation. If the lender fails to submit the written satisfaction statement within 90 days, then he is penalized.