Washington Partial Release of Mortgage is a document used by a borrower in the state of Washington to remove a portion of the mortgaged property from the lien of a recorded mortgage. This document is typically used when a borrower wishes to divide a larger parcel of land into two or more separate parcels, and is then recorded with the county auditor to release the portion of the property that will no longer be encumbered by the mortgage. The document includes the names and addresses of the borrower and the lender, the identification of the mortgage, a legal description of the property to be released, and the signature of the borrower. There are two types of Washington Partial Release of Mortgage: voluntary and involuntary. A voluntary partial release is initiated by the borrower when they wish to divide their property. An involuntary partial release is initiated by the lender when they feel the borrower is in default of their loan agreement and wish to reclaim a portion of the property.
Washington Partial Release of Mortgage
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FAQ
Partial Release Example A commercial banking lender issues a $2 million loan to a group of developers located on a residential subdivision. The developers use the funds to get a subdivision map, commence improvements (curbs, gutters, water, power, etc.) and to advertise the 100 homes.
Partial Release Clause is a provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. It's frequently found in tract development construction loans.
So normally with a blanket mortgage you will have what is called a partial release clause that allows each property to be released from the blanket mortgage as sold.
A partial release of a mortgage is a method of splitting up a piece of property that is currently under a mortgage lien. The request is that the bank officially remove the lien from part of the property, while retaining the lien that secures the remaining mortgage on the rest of the property.
In Washington, a Deed of Trust is the most commonly used instrument to secure a loan. Foreclosure can be done non-judicially, saving time and expense.
A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.
