An agreement that creates an interest in real property as security for an obligation, such as the payment of a note, and that is to cease upon the performance of the obligation, is called a mortgage. The person whose interest in the property is given as security is the mortgagor. The person who receives the security is the mortgagee (e.g., lender). A release, deed of reconveyance, deed of release, or authority to cancel is used by a mortgagee to renounce a claim upon a person's real property subject to the mortgage.
Content: An Illinois Letter Tendering Final Payment of Amount Due Pursuant to a Promissory Note Secured by a Mortgage is a formal document that serves as a request for release of a mortgaged property upon the completion of all outstanding obligations stated in a promissory note. This letter represents the final step in the mortgage repayment process and is crucial to obtain legal ownership of the property once the mortgage is fully satisfied. The purpose of this letter is to inform the mortgage lender that the borrower has fulfilled all financial obligations outlined in the promissory note, resulting in the final payment being made. By submitting this letter, the borrower formally requests the release or discharge of the mortgage held over the property. Let's explore the key components that should be included in an Illinois Letter Tendering Final Payment: 1. Heading: Begin the letter with the borrower's information, including their name, address, phone number, and email address. Similarly, include the lender's details, such as the institution's name, address, and contact information. 2. Date: Specify the date the letter is being written. 3. Subject Line: Clearly state the purpose of the letter, such as "Letter Tendering Final Payment of Amount Due Pursuant to a Promissory Note Secured by a Mortgage." 4. Salutation: Address the lender formally, using appropriate titles and names. 5. Introduction: Begin with a concise introduction, reminding the lender of the loan agreement and the mortgage secured against the mortgaged premises or property. Include relevant details like the loan agreement number, the property address, and any other pertinent information. 6. Payment Details: Summarize the details of the payments made, including the principal amount, interest, late fees (if any), and the total amount paid. Be sure to mention that this final payment is being tendered in accordance with the terms outlined in the promissory note. 7. Mortgage Release Request: Clearly state the purpose of the letter, which is to request the release or discharge of the mortgage held against the property being mortgaged. Emphasize that this release is being sought as the final payment is being made and all obligations have been fulfilled. 8. Enclosed Documents: Include a list of documents being enclosed, such as the final payment check, a copy of the promissory note, and any other supporting documents required by the lender. 9. Contact Information: Provide the borrower's contact information once again, including phone number, email address, and any alternative way to reach them. 10. Closing and Signature: Use a formal closing, such as "Sincerely," followed by the borrower's signature, printed name, and the date. Different types of Illinois Letters Tendering Final Payment of Amount Due Pursuant to a Promissory Note Secured by a Mortgage in Order to Obtain a Release of the Mortgaged Premises may include variations in specific details based on individual mortgage agreements or lender requirements. However, the general structure and purpose of the letter remain consistent.
