DEFINITION of 'Acquittance'

A document that shows that a debtor has been released from a debt obligation. An acquittance are often given as an indication from the lender to a debtor that the owed amount has been completely repaid and that the lender cannot request further repayment on that specific debt.

BREAKING DOWN 'Acquittance'

Banks and other mortgage lenders often issue some form of an acquittance once a mortgagor makes a final payment toward his or her mortgage. This provides the borrower with an official statement that the loan has been repaid in full.

RELATED TERMS
  1. Debtor

    A company or individual who owes money. If the debt is in the ...
  2. Debt Fatigue

    When a debtor stops making payments on his or her debts and starts ...
  3. Debtor Nation

    A nation with a cumulative balance of payments deficit. A debtor ...
  4. Subordination Agreement

    A legal agreement which establishes one debt as ranking behind ...
  5. Judgment Lien

    A court ruling that gives a creditor the right to take possession ...
  6. Debtor In Possession - DIP

    An individual or corporation that has filed for Chapter 11 bankruptcy ...
Related Articles
  1. Taxes

    What's a Debtor?

    A debtor​ is an individual or company that owes money.
  2. Taxes

    Understanding Bad Debt

    Bad debt is money a company or lender is owed, but is unable to collect.
  3. Personal Finance

    Tips for Choosing the Best Online Mortgage Lender

    Finding the right online mortgage lender can be a tall task. Here's some help on how to avoid wasting your time.
  4. Personal Finance

    What Are Mortgage Lenders Allowed To Ask Borrowers?

    Seemingly intrusive or irrelevant questions are actually legal for lenders to ask of mortgage applicants.
  5. Personal Finance

    Debt Settlement Arrangements And Your Credit Score

    The debt settlement process is not for everyone and can further damage your credit score. However, it can prevent the debt from being sold to a collection agency, who may only accept payment ...
  6. Retirement

    When Are Mortgage Lenders Better Than Banks?

    Individuals seeking a mortgage loan should consider factors or circumstances that may make a mortgage lender a better choice than a traditional bank.
  7. Personal Finance

    How Do Mortgage Lenders Get Paid and Make Money?

    When homebuyers educate themselves on how mortgage lenders get paid and make money, they are more likely to save thousands of dollars on their mortgages.
  8. Personal Finance

    Mortgage Broker vs. Direct Lenders: Which Is Best?

    There are key differences between mortgage brokers and direct lenders. Here's how to choose which is best for you.
  9. Personal Finance

    How Many Mortgage Lenders Should You Apply to?

    Applying to multiple mortgage lenders can get you a better deal, but it comes with a few drawbacks.
RELATED FAQS
  1. What effect did the Bankruptcy Abuse Prevention and Consumer Protection Act of 2 ...

    Credit card companies and banks hate deadbeats who take from their bottom lines. They especially dislike the Chapter 7 bankruptcy ... Read Answer >>
  2. How do debt collection agencies make money?

    Find out how a collection agency makes money, what rules it is bound by, and when it can take a pay check or garnish a bank ... Read Answer >>
  3. What’s the Difference Between a Mortgage Lender and a Mortgage Servicer?

    Buying a home is an exciting and confusing process. Once the loan is secured, it's important to know who gets the payment: ... Read Answer >>
  4. Are debt collectors allowed to call me at work?

    Find out if and when it is all right for a debt collector to call a debtor at work and how the debtor can make it stop under ... Read Answer >>
  5. What is the difference between secured and unsecured debts?

    Learn the differences between secured and unsecured debt; discover how banks buffer risks associated with each type of loan ... Read Answer >>
Trading Center