An agreement that creates an interest in real property as security for an obligation, such as the payment of a note, and that is to cease upon the performance of the obligation, is called a mortgage. The person whose interest in the property is given as security is the mortgagor. The person who receives the security is the mortgagee (e.g., lender). A release, deed of reconveyance, deed of release, or authority to cancel is used by a mortgagee to renounce a claim upon a person's real property subject to the mortgage.
Title: Wisconsin Letter Tendering Final Payment of Amount Due Pursuant to a Promissory Note Secured by a Mortgage: A Comprehensive Guide to Obtain a Release of the Mortgaged Premises Introduction: In the state of Wisconsin, when you have successfully paid off the amount due on a promissory note secured by a mortgage, it is essential to follow the necessary steps to obtain a release of the mortgaged premises. This process ensures that the lien on your property is properly discharged, providing you with clear and unencumbered ownership. This article will guide you through the detailed description of a Wisconsin Letter Tendering Final Payment of Amount Due to obtain the desired release, empowering you to successfully navigate this legal requirement. 1. Understanding the Wisconsin Letter Tendering Final Payment: When the borrower has fulfilled their financial obligation to repay the promissory note secured by a mortgage, it is customary to send a Letter Tendering Final Payment to the mortgage lender. This letter serves as a formal request to release the mortgage lien from the property's title, certifying that the outstanding debt has been fully settled. 2. Key Components of the Wisconsin Letter Tendering Final Payment: The Wisconsin Letter Tendering Final Payment should include various essential elements to ensure its effectiveness and legality. These components may include: a. Borrower Information: Provide accurate identification of the borrower, including full legal names, mailing address, contact details, and the mortgage account number. b. Mortgage Lender Information: Include the mortgage lender's name, address, contact information, and any reference numbers associated with the mortgage or promissory note. c. Mortgage Details: Mention specific details of the mortgage, such as the date it was executed, the mortgage amount, the property address, and any additional property identifiers. d. Promissory Note Details: Highlight the terms of the promissory note, including the original loan amount, interest rate, repayment period, and the date when the final payment became due. e. Final Payment Information: Clearly state the exact amount being tendered as the final payment, ensuring it matches the remaining balance due as per the terms of the promissory note. Provide a breakdown of how this amount is calculated if necessary. f. Request for Mortgage Release: Clearly express the intention to obtain a release of the mortgaged premises and request the lender's cooperation in satisfying this requirement promptly. g. Delivery Method: Specify how the letter is being delivered (e.g., certified mail, courier, email) and include supporting documentation for proof of delivery. 3. Additional Types of Wisconsin Letters Tendering Final Payment: While the general framework of the Wisconsin Letter Tendering Final Payment remains the same, specific instances might require variations or additional types. These may include: a. Residential Mortgage Release Letter: A letter tailored explicitly for residential mortgages, covering single-family homes, co-ops, condos, or any other dwelling units. b. Commercial Mortgage Release Letter: A letter designed for commercial mortgages, catering to properties used for business, industrial, or investment purposes. c. Vehicle or Equipment Mortgage Release Letter: A distinct letter format applicable for loans securing vehicles, machinery, or other movable assets. Conclusion: Obtaining a Release of the Mortgaged Premises is a crucial step for homeowners or borrowers in Wisconsin who have successfully paid off their mortgage obligations. Constructing a properly drafted Wisconsin Letter Tendering Final Payment will ensure the smooth completion of this process. By incorporating the appropriate keywords and following the guidelines outlined in this article, you will be equipped to handle this legal requirement effectively, giving you peace of mind and full ownership of your property.
