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.
A Maryland 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 is a crucial document in the process of finalizing and closing a mortgage loan. This letter serves as an official notification to the lender that the borrower has fulfilled their financial obligations towards the promissory note and the accompanying mortgage agreement. Within the realm of this type of letter, there are various variations that arise based on specific circumstances. Some of these may include: 1. Maryland Final Payment and Release of Mortgaged Premises Letter — This letter is typically used when the borrower has successfully made the final payment required by the promissory note, or when they have refinanced the mortgage with another lender. It formally requests the lender to acknowledge receipt of the final payment and issue a release of the mortgage on the property. 2. Maryland Loan Payoff Confirmation Letter — This variant is employed when the borrower requests the lender to provide an official statement confirming the outstanding balance on the loan as of a specified date. This letter can be helpful for borrowers to obtain accurate information before making a final payment. 3. Maryland Full Satisfaction and Discharge of Mortgage Letter — In situations where the mortgage has been fully paid off, this letter is used to request the lender to officially declare the mortgage as "fully satisfied" and release all claims against the property. It serves as evidence that the borrower has fulfilled their obligations and allows for the removal of the mortgage lien from the property title. 4. Maryland Partial Release of Mortgage Letter — When the borrower has paid off a portion of the mortgage debt, this letter is utilized to request the lender to release their claim on a specific portion of the property. Typically, this occurs when the borrower has sold a portion of the property or refinanced to reduce the mortgage amount. These various types of letters play a pivotal role in the finalization of mortgage transactions within the state of Maryland. By employing appropriate legal language, including relevant keywords such as "promissory note," "secured mortgage," "final payment," "release of mortgaged premises," and "obtain release," the desired outcomes can be achieved effectively. It is crucial to adapt and tailor the letter according to the specific circumstances and requirements associated with the borrower's unique situation and the lender's policies and procedures.
