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.
Title: Understanding Wisconsin Partial Release or Satisfaction of Mortgage by a Corporation keyword: Wisconsin, Partial Release, Satisfaction of Mortgage, Corporation, Types, Process, Legal Considerations Introduction: In Wisconsin, when a corporation holds a mortgage on a property and the borrower has repaid a portion of the loan, a Partial Release or Satisfaction of Mortgage is typically required. This legal procedure releases the lien on specific parts or parcels of the property, allowing the borrower to regain control over them. In this article, we will delve into the various facets of the Wisconsin Partial Release or Satisfaction of Mortgage by a Corporation, including different types and important considerations during the process. 1. Types of Wisconsin Partial Release or Satisfaction of Mortgage by a Corporation: a. Parcel-Level Partial Release: This type of release involves the corporation lifting the mortgage lien on specific parcels or sections of the property, allowing the borrower to sell, transfer, or utilize those parts independently. b. Dollar Amount Partial Release: In cases where the borrower has made substantial loan repayments, this type of release involves releasing the lien on a specific dollar amount, according to a predefined agreement. 2. Process for Partial Release or Satisfaction of Mortgage: a. Mutual Agreement: Initially, both the corporation and the borrower must mutually agree on the terms and conditions for the partial release or satisfaction of mortgage. This agreement should be meticulously documented, stating the specific parcels or dollar amount to be released. b. Legal Documentation: The corporation should prepare the necessary legal documents, such as the Partial Release of Mortgage or Satisfaction of Mortgage form. This document should include details of the originally recorded mortgage and the specific parts or dollar amount being released. c. Filing: The completed Partial Release of Mortgage or Satisfaction of Mortgage form must be filed with the county register of deeds where the property is located. This filing makes the release legally recognized and ensures the borrower's rights are protected. d. Notification: It is important for the corporation to notify any other interested parties, such as other lien holders or title insurance companies, about the partial release or satisfaction of mortgage. This step ensures the release is acknowledged by all relevant parties involved. 3. Legal Considerations: a. Compliance: The corporation must ensure compliance with Wisconsin state laws, as well as any additional regulations or requirements specific to the county where the property is located. b. Documentation Accuracy: All documents, including the Partial Release of Mortgage or Satisfaction of Mortgage form, should be precise, accurate, and in strict adherence to Wisconsin's legal standards. c. Professional Assistance: Engaging legal professionals, such as attorneys or real estate experts experienced in Wisconsin mortgage laws, is advisable to ensure a smooth and legally compliant partial release or satisfaction of mortgage process. Conclusion: Wisconsin Partial Release or Satisfaction of Mortgage by a Corporation allows borrowers to regain control over specific parts or dollar amounts of their property by releasing the lien held by a corporation. By understanding the types, process, and legal considerations involved, both corporations and borrowers can navigate the partial release or satisfaction of mortgage procedure efficiently and effectively.
