This form is an Authority to Release. The county clerk is authorized and requested to release from a deed of trust a parcel of land to the executor of the estate. The form must be signed in the presence of a notary public.
Description of Wyoming Authority to Release of Deed of Trust: The Wyoming Authority to Release of Deed of Trust is a legal document that grants the power to release a Deed of Trust, also known as a Mortgage, in the state of Wyoming. This document allows the lender or trustee to officially declare that the loan secured by the Deed of Trust has been fully paid or satisfied, thereby releasing the lien on the property. When a borrower takes out a mortgage loan to purchase a property in Wyoming, the lender typically requires the borrower to sign a Deed of Trust, which serves as security for the loan. This Deed of Trust gives the lender the right to foreclose on the property in the event of default. Once the borrower has fully repaid the loan, they have fulfilled their obligation, and the lender should release the Deed of Trust. Different Types of Wyoming Authority to Release of Deed of Trust: 1. Full Re conveyance: This type of Authority to Release is used when the borrower has made all required payments and fully satisfied the mortgage loan. The lender or trustee executes a full reconveyance, releasing the Deed of Trust and all associated liens on the property. 2. Partial Re conveyance: In certain situations, borrowers may opt to pay off a portion of their mortgage loan before the designated term. In such cases, the lender or trustee can execute a partial reconveyance, releasing the Deed of Trust on the amount that has been paid off while the rest of the loan remains in effect. 3. Subordination Agreement: Sometimes, borrowers may wish to refinance their existing mortgage loan while keeping the original Deed of Trust in place. In such cases, the lender or trustee can execute a subordination agreement, which subordinates the priority of the existing Deed of Trust to the new loan. This agreement ensures that the new lender's lien is superior to the existing Deed of Trust. In conclusion, the Wyoming Authority to Release of Deed of Trust is an essential document that allows lenders or trustees to release the lien on a property once the mortgage loan has been fully paid or satisfied. With different types of release options available, borrowers and lenders can navigate the process effectively while upholding the legal obligations associated with mortgage loans in Wyoming.
