California Partial Release or Satisfaction of Mortgage by a Corporation

State:
Multi-State
Control #:
US-01499BG
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Word; 
Rich Text
Instant download

Description

Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

You Release a Mortgage or Charge when the property charged has been released from the charge or no longer forms part of the company's property. You Satisfy a Mortgage or Charge when the debt of the charge has been paid or satisfied in full or part.

A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.

Partial Release Clause is a provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. It's frequently found in tract development construction loans.

A partial reconveyance of real property in California by a trustee under a deed of trust for use when the beneficiary (lender) agrees to release a portion of the real property from the lien of the deed of trust while the trustor's (borrower's) obligations are not yet fully satisfied.

What is a Mortgage Release? A mortgage release, also referred to as ?deed in lieu of foreclosure? (DIL), is when a homeowner relinquishes the ownership of their property voluntarily to the owner of the mortgage, often a bank or lender, in exchange for a release from the mortgage and all future mortgage payments.

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California Partial Release or Satisfaction of Mortgage by a Corporation