Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A New York Partial Release or Satisfaction of Mortgage by a Corporation refers to the legal procedure where a corporation releases or satisfies a portion of the mortgage debt on a property. This process allows the property owner to free a specific portion of the property from the mortgage lien, granting them more financial flexibility or potential for further transactions. In New York, there exist several types of Partial Release or Satisfaction of Mortgage by a Corporation, including: 1. Proportional Release: This type of partial release involves the corporation releasing a specific percentage or proportion of the mortgage amount. For example, if the property owner has paid off 25% of the mortgage debt, the corporation may release the lien on that specific percentage, enabling the owner to sell or refinance that portion. 2. Subdivision Release: When a property with a mortgage is subdivided into multiple lots or units, a corporation can issue a partial release for each subdivided portion. This allows the property owner to sell or transfer the individual lots with clear titles, while the mortgage lien remains on the remaining portions. 3. Partial Satisfaction: A partial satisfaction occurs when the corporation is fully repaid for a specific amount of the mortgage debt. For instance, if the property owner makes a lump sum payment to reduce the mortgage balance, the corporation can provide a partial satisfaction indicating that the said amount has been paid in full. 4. Good Faith Partial Release: This type of release typically occurs when a property is mortgaged to secure multiple loans. If the corporation agrees to release a portion of the mortgage debt without receiving full payment, it is termed a good faith partial release. This could be performed based on the property's value, the borrower's creditworthiness, or other negotiated agreements. 5. Conditional Release: A conditional release refers to a partial satisfaction or release of a mortgage that is subject to certain conditions agreed upon by both the corporation and the borrower. The conditions usually outline specific terms and requirements that must be met for the release to be considered final. It is crucial to note that the process of obtaining a New York Partial Release or Satisfaction of Mortgage by a Corporation involves navigating legal requirements, preparing necessary documentation, and working closely with legal professionals well-versed in mortgage laws.A New York Partial Release or Satisfaction of Mortgage by a Corporation refers to the legal procedure where a corporation releases or satisfies a portion of the mortgage debt on a property. This process allows the property owner to free a specific portion of the property from the mortgage lien, granting them more financial flexibility or potential for further transactions. In New York, there exist several types of Partial Release or Satisfaction of Mortgage by a Corporation, including: 1. Proportional Release: This type of partial release involves the corporation releasing a specific percentage or proportion of the mortgage amount. For example, if the property owner has paid off 25% of the mortgage debt, the corporation may release the lien on that specific percentage, enabling the owner to sell or refinance that portion. 2. Subdivision Release: When a property with a mortgage is subdivided into multiple lots or units, a corporation can issue a partial release for each subdivided portion. This allows the property owner to sell or transfer the individual lots with clear titles, while the mortgage lien remains on the remaining portions. 3. Partial Satisfaction: A partial satisfaction occurs when the corporation is fully repaid for a specific amount of the mortgage debt. For instance, if the property owner makes a lump sum payment to reduce the mortgage balance, the corporation can provide a partial satisfaction indicating that the said amount has been paid in full. 4. Good Faith Partial Release: This type of release typically occurs when a property is mortgaged to secure multiple loans. If the corporation agrees to release a portion of the mortgage debt without receiving full payment, it is termed a good faith partial release. This could be performed based on the property's value, the borrower's creditworthiness, or other negotiated agreements. 5. Conditional Release: A conditional release refers to a partial satisfaction or release of a mortgage that is subject to certain conditions agreed upon by both the corporation and the borrower. The conditions usually outline specific terms and requirements that must be met for the release to be considered final. It is crucial to note that the process of obtaining a New York Partial Release or Satisfaction of Mortgage by a Corporation involves navigating legal requirements, preparing necessary documentation, and working closely with legal professionals well-versed in mortgage laws.
