We help you with the promissory note cancellation process. In Puerto Rico, promissory note cancellation is a legal process that allows you to remove the mortgage lien associated with a property once the debt has been settled. This process is essential to update the Property Registry and ensure that the property is free of legal encumbrances.
There are several ways to cancel a promissory note:
Mortgage Cancellation Deed: This is the most common and recommended option. It is carried out before a notary public, who prepares the deed and registers it in the Property Registry.
Request to the Property Registry: Applies if the mortgage is more than 20 years past due and there are no outstanding claims. This method requires notarization.
Judicial Process: If the promissory note is lost, legal proceedings must be initiated to request cancellation. This procedure can be more costly and time-consuming.
