North Dakota 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. A North Dakota Partial Release of Mortgage/Deed of Trust is a legal document that allows a borrower or property owner to release a portion of the property that was previously used as collateral for a mortgage or deed of trust. This partial release effectively removes a specific part of the property from the lender's lien. In North Dakota, there are two common types of Partial Release of Mortgage/Deed of Trust. The first type is the Partial Release of Mortgage, which is used when a borrower wants to release a specific portion of property that was initially used to secure a mortgage loan. This release could be applied to a single lot or a specific parcel of the property. It is important to note that the remaining portion of the property will still remain subject to the mortgage lien. The second type is the Partial Release of Deed of Trust, which is used when a borrower wants to release a specific portion of the property that was previously secured by a deed of trust. Similarly to the Partial Release of Mortgage, this document allows for the removal of a specific lot or parcel from the lender's lien while leaving the remaining portion of the property still subject to the deed of trust. Both types of North Dakota Partial Release of Mortgage/Deed of Trust require a written agreement between the borrower and the lender. The agreement should clearly define the portion of property being released, including a detailed legal description of the specific lot or parcel. Additionally, it should state the amount being released and the remaining obligations that the borrower has under the original mortgage or deed of trust. To initiate the process of a Partial Release of Mortgage/Deed of Trust in North Dakota, the borrower typically needs to submit a written request to the lender, providing all necessary information and documentation. The lender will then review the request and may require an appraisal or inspection of the property to determine the value of the portion being released. Once the agreement is reached and finalized, a Partial Release of Mortgage/Deed of Trust document will be prepared, signed, and recorded with the relevant county recorder or registrar of deeds office to ensure it becomes part of the public record. This step is crucial as it provides notice to any potential future lien holders or buyers that a portion of the property has been released from the lender's lien. In conclusion, a North Dakota Partial Release of Mortgage/Deed of Trust is a legal mechanism that allows a borrower or property owner to release a specific portion of their property from a mortgage or deed of trust, while still leaving the remaining portion subject to the lender's lien. By understanding the different types of partial releases and the process involved, borrowers can efficiently navigate the necessary steps to modify their loan agreements and accommodate property changes.

A North Dakota Partial Release of Mortgage/Deed of Trust is a legal document that allows a borrower or property owner to release a portion of the property that was previously used as collateral for a mortgage or deed of trust. This partial release effectively removes a specific part of the property from the lender's lien. In North Dakota, there are two common types of Partial Release of Mortgage/Deed of Trust. The first type is the Partial Release of Mortgage, which is used when a borrower wants to release a specific portion of property that was initially used to secure a mortgage loan. This release could be applied to a single lot or a specific parcel of the property. It is important to note that the remaining portion of the property will still remain subject to the mortgage lien. The second type is the Partial Release of Deed of Trust, which is used when a borrower wants to release a specific portion of the property that was previously secured by a deed of trust. Similarly to the Partial Release of Mortgage, this document allows for the removal of a specific lot or parcel from the lender's lien while leaving the remaining portion of the property still subject to the deed of trust. Both types of North Dakota Partial Release of Mortgage/Deed of Trust require a written agreement between the borrower and the lender. The agreement should clearly define the portion of property being released, including a detailed legal description of the specific lot or parcel. Additionally, it should state the amount being released and the remaining obligations that the borrower has under the original mortgage or deed of trust. To initiate the process of a Partial Release of Mortgage/Deed of Trust in North Dakota, the borrower typically needs to submit a written request to the lender, providing all necessary information and documentation. The lender will then review the request and may require an appraisal or inspection of the property to determine the value of the portion being released. Once the agreement is reached and finalized, a Partial Release of Mortgage/Deed of Trust document will be prepared, signed, and recorded with the relevant county recorder or registrar of deeds office to ensure it becomes part of the public record. This step is crucial as it provides notice to any potential future lien holders or buyers that a portion of the property has been released from the lender's lien. In conclusion, a North Dakota Partial Release of Mortgage/Deed of Trust is a legal mechanism that allows a borrower or property owner to release a specific portion of their property from a mortgage or deed of trust, while still leaving the remaining portion subject to the lender's lien. By understanding the different types of partial releases and the process involved, borrowers can efficiently navigate the necessary steps to modify their loan agreements and accommodate property changes.