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.
In the state of Kansas, when a borrower is ready to make their final payment on a promissory note secured by a mortgage, it is essential to provide a detailed written document known as the "Kansas Letter 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." This formal letter serves as proof that the borrower has fulfilled their financial obligation and requests the release of the mortgage on the property. The contents of the Kansas Letter 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 should include the following information: 1. Date: The letter should start with the current date, which will indicate the day it is being written. 2. Borrower's Information: Provide the full legal name, address, and contact details of the borrower. 3. Lender's Information: Include the name, address, and contact information of the lender or mortgagee. 4. Loan Details: State the specific details regarding the promissory note and mortgage, such as the loan number, original principal amount, date of the promissory note, mortgage recording information, and any other relevant details. 5. Amount Due: Clearly state the final payment amount that the borrower is tendering to the lender. This should include the principal balance, any outstanding interest, late fees, or other charges, as well as any prepayment penalties, if applicable. 6. Payment Method: Specify how the borrower intends to make the final payment, whether it is through a certified check, wire transfer, or any other acceptable method as agreed upon by both parties. 7. Request for Release: Clearly state that the borrower is requesting the lender to release the mortgage on the property due to the full payment being made. Emphasize that this release is necessary to clear any encumbrances on the mortgaged premises, allowing the borrower to have full ownership and title to the property. 8. Contact Information: Provide the borrower's contact information, including a phone number and email address, so that the lender can reach out with any questions or concerns. Different types of Kansas 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 language or format but should generally contain the same essential information listed above. These variations may depend on individual circumstances, such as refinancing, loan modifications, or different types of mortgages (fixed-rate, adjustable-rate, etc.). It is crucial to consult with legal professionals or mortgage experts to ensure the letter accurately reflects the specific situation and complies with Kansas state laws and regulations regarding mortgage releases.
