Mississippi Partial Release of Mortgage / Deed of Trust

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-128
• Format: Word; Rich Text

Description

This form provides for a partial release of a mortgage/deed of trust on lands. Keywords: Mississippi, partial release, mortgage, deed of trust, types A Mississippi Partial Release of Mortgage, also known as a Partial Release of Deed of Trust, is a legal document that releases a portion of a property from the lien held by a mortgage or deed of trust. This document is commonly used when a borrower wants to sell or transfer a portion of their property while keeping the remaining portion as collateral for the existing loan. In Mississippi, there are two types of Partial Release of Mortgage / Deed of Trust commonly used: 1. Mississippi Partial Release of Mortgage: This type of release is used when a mortgage is placed on a property to secure a loan. When the borrower wants to release a portion of the property from the mortgage, such as a parcel of land, this document is utilized. The lender agrees to release the lien on the specified portion. 2. Mississippi Partial Release of Deed of Trust: Unlike mortgages, deeds of trust are often used in Mississippi to secure a loan. When a borrower pledges their real property as collateral, a deed of trust is created. If the borrower wants to release a portion of the property from the deed of trust, this document is employed. The trustee, acting on behalf of the lender, agrees to release the lien on the specified portion. To obtain a Mississippi Partial Release of Mortgage / Deed of Trust, certain requirements must be met. The borrower or property owner needs to request the release from the lender or mortgagee in writing, specifying the portion of the property to be released from the lien. Once both parties agree on the terms of the release, the document is drafted, signed, and recorded with the appropriate county clerk's office. The Mississippi Partial Release of Mortgage / Deed of Trust should contain specific details, including the legal description of the property, the original loan amount, the release amount, and any conditions or restrictions agreed upon by both parties. It is crucial to ensure the accuracy and completeness of this legal document to avoid any future disputes or complications related to the release. In conclusion, a Mississippi Partial Release of Mortgage / Deed of Trust is a legal instrument used to release a portion of a property from the lien held by a mortgage or deed of trust. With the two major types being the Partial Release of Mortgage and the Partial Release of Deed of Trust, borrowers can navigate the process of selling or transferring a portion of their property while maintaining their existing loan agreement.

Keywords: Mississippi, partial release, mortgage, deed of trust, types A Mississippi Partial Release of Mortgage, also known as a Partial Release of Deed of Trust, is a legal document that releases a portion of a property from the lien held by a mortgage or deed of trust. This document is commonly used when a borrower wants to sell or transfer a portion of their property while keeping the remaining portion as collateral for the existing loan. In Mississippi, there are two types of Partial Release of Mortgage / Deed of Trust commonly used: 1. Mississippi Partial Release of Mortgage: This type of release is used when a mortgage is placed on a property to secure a loan. When the borrower wants to release a portion of the property from the mortgage, such as a parcel of land, this document is utilized. The lender agrees to release the lien on the specified portion. 2. Mississippi Partial Release of Deed of Trust: Unlike mortgages, deeds of trust are often used in Mississippi to secure a loan. When a borrower pledges their real property as collateral, a deed of trust is created. If the borrower wants to release a portion of the property from the deed of trust, this document is employed. The trustee, acting on behalf of the lender, agrees to release the lien on the specified portion. To obtain a Mississippi Partial Release of Mortgage / Deed of Trust, certain requirements must be met. The borrower or property owner needs to request the release from the lender or mortgagee in writing, specifying the portion of the property to be released from the lien. Once both parties agree on the terms of the release, the document is drafted, signed, and recorded with the appropriate county clerk's office. The Mississippi Partial Release of Mortgage / Deed of Trust should contain specific details, including the legal description of the property, the original loan amount, the release amount, and any conditions or restrictions agreed upon by both parties. It is crucial to ensure the accuracy and completeness of this legal document to avoid any future disputes or complications related to the release. In conclusion, a Mississippi Partial Release of Mortgage / Deed of Trust is a legal instrument used to release a portion of a property from the lien held by a mortgage or deed of trust. With the two major types being the Partial Release of Mortgage and the Partial Release of Deed of Trust, borrowers can navigate the process of selling or transferring a portion of their property while maintaining their existing loan agreement.