A Michigan Partial Release of Deed of Trust is a legal document used in real estate transactions to release a portion of the property from the lien held by a Deed of Trust. It grants partial ownership, transfer, or sale rights to the property to the borrower while still maintaining the lender's lien on the remaining portions. In Michigan, there are two main types of partial releases of Deed of Trust that are commonly used: 1. Voluntary Partial Release: This type of release is initiated by the borrower or property owner. It allows them to release a specific portion or parcel of the property from the mortgage lien, which permits them to sell, transfer, or refinance that specific part without affecting the loan on the rest of the property. 2. Involuntary Partial Release: This type of release is typically initiated by the lender or mortgagee. It occurs when the borrower defaults on the loan, leading to a foreclosure process. After the foreclosure auction, if the sale price doesn't cover the entire debt owed, the lender may grant a partial release to the buyer of a specific portion of the property for a reduced amount, thereby releasing them from the remaining debt. Keywords: Michigan, Partial Release of Deed of Trust, real estate transactions, lien, borrower, property owner, transfer, sale rights, voluntary partial release, involuntary partial release, mortgage lien, refinance, foreclosure, foreclosure auction, lender, mortgagee, default, debt.
Michigan Partial Release of Deed of Trust
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How to fill out Michigan Partial Release Of Deed Of Trust?
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