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Partial Release or Satisfaction of Mortgage by a Corporation

Illinois Partial Release or Satisfaction of Mortgage by a Corporation

Q: What happens when no satisfaction of mortgage is recorded?

If the satisfaction isn&#039;t recorded within a minimum of 60 days, they may incur penalties and be held liable for damages and attorney&#039;s fees.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-01499BG

Format:

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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How to fill out Partial Release Or Satisfaction Of Mortgage By A Corporation?

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FAQ

Illinois allows the use of both a deed of trust and a mortgage. Illinois is a lien-theory state. Mortgages are considered to be liens against the property and the vast majority of the liens in Illinois are mortgages.

Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property.

A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.

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.

If the satisfaction isn't recorded within a minimum of 60 days, they may incur penalties and be held liable for damages and attorney's fees.

A certificate of release authorized by Section 15 must be executed and acknowledged as required by law, as in the case of a deed, and may be executed by an officer or a duly appointed agent of a title insurance company. The agent must be a currently registered title insurance agent of the title insurance company.

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.

(b) The lien of every mortgage, trust deed in the nature of a mortgage, and vendor's lien, in which no due date is stated upon the face, or is ascertainable from the written terms thereof, shall cease by limitation after the expiration of 30 years from the date of the instrument creating the lien, unless the owner of ...