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Kansas Partial Release of Property From Mortgage by Individual Holder
Wichita Kansas Partial Release of Property From Mortgage by Individual Holder
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What to do after paying off your mortgage Stop any automatic payments to your mortgage lender.Close out the escrow account, and redirect any related billings.Budget for property taxes and homeowners insurance.Pay off remaining debts.Increase your savings.
A Satisfaction of Mortgage, sometimes called a release of mortgage, is a document that acknowledges that the terms of a Mortgage Agreement have been satisfied, meaning that a borrower has repaid their mortgage loan to the lender.
Step-by-step process Speak to your lender. Let them know about your intention to discharge your mortgage, and confirm the fees and how long it will take. Contact a broker or conveyancer.Fill in a Discharge Authority form.Your bank registers the discharge of mortgage.The discharge is finalised.
When a financial institution lends money to the borrower, it takes a legal claim against the house as collateral until the loan is completely paid off. Once the loan is paid off and all the terms of the mortgage are satisfied, a mortgage deed of release is created.
When you pay off a mortgage, the original deed of trust is sent back to you by the mortgage holder marked ?paid? or ?cancelled.? This process usually takes up to 60 days, but because deeds are public records, you can check on the progress with your county registrar.
A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.
A release deed would typically be executed at a time when your home loan provider grants you a legal certificate that you have fully paid your loan and the lender is freeing the collateral submitted as a security against the loan. An individual can also give up his right in a property through this instrument.
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.
What Is a Deed of Release? A deed of release is a legal document that removes a previous claim on an asset. It provides documentation of release from a binding agreement. A deed of release might be included when a lender transfers the title of real estate to the homeowner upon satisfaction of the mortgage.
Once you've met all the mortgage payment terms or fully repaid your loan, your lender's legal team draws up the deed of release form and in it reports that: you've repaid the loan in full under the terms required; and. the lender has removed its charge or 'lien' and has transferred full title to you.
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Interesting Questions
A partial release of property from a mortgage means that a portion of the property has been released from the mortgage loan. This usually occurs when the owner of the property has paid off a portion of the mortgage balance.
Wichita Partial Release of Property From Mortgage by Individual Holder42555 is a specific legal document used in Wichita, which allows an individual mortgage holder to release a portion of the property from the mortgage loan.
Someone would need a partial release of property from a mortgage when they have paid off a part of their mortgage loan and want to remove that portion of the property from being collateral.
When a partial release of property from a mortgage is requested, the mortgage holder typically reviews the situation and evaluates whether the remaining property is sufficient collateral. If approved, the mortgage holder releases the lien on the specified portion of the property.
Yes, any mortgage holder, including an individual, can request a partial release of property from their mortgage. However, the terms and conditions may vary depending on the specific mortgage agreement.
Obtaining a partial release of property from a mortgage allows the property owner to reduce their debt burden by eliminating mortgage liability on the released portion. It may also provide the flexibility to sell or use the released property separately.
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Assignments Generally: Lenders, or
holders of mortgages or deeds of trust, often assign mortgages or deeds
of trust to other lenders, or third parties. When this is done the
assignee (person who received the assignment) steps into the place of the
original lender or assignor. To effectuate an assignment, the general
rules is that the assignment must be in proper written format and recorded
to provide notice of the assignment.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Kansas Law
Execution of Assignment or Satisfaction: Must be signed by the mortgagee.
Assignment: An assignment must be in writing and recorded.
Demand to Satisfy: Upon full payoff, mortgagor may make written demand by certified or registered mail requesting mortgagee to record satisfaction of mortgage, whereupon mortgagee has 20 days to comply or face liability.
Recording Satisfaction: Any mortgage of real property that has been or may hereafter be recorded shall be assigned or discharged by an instrument acknowledging the assignment or satisfaction of such mortgage, signed by the mortgagee, and duly acknowledged and certified as other instruments affecting real estate.
Marginal Satisfaction: Not allowed- satisfaction must be by separate instrument.
Penalty: If mortgagee fails to have mortgage satisfied of record within 20 days of receipt of demand therefore, mortgagee shall be liable in damages to the person for whom the demand was made in the sum of $500, together with a reasonable attorney's fee for preparing and prosecuting the action. The plaintiff in such action may recover any additional damages that the evidence in the case warrants.
Acknowledgment: An assignment or satisfaction must contain a proper Kansas acknowledgment, or other acknowledgment approved by statute.
Kansas Statutes
58-2306. Discharge or assignment of recorded mortgage; procedure.
(a) Except as otherwise provided by this section, any mortgage of real property that has been or may hereafter be recorded shall be assigned or discharged by an instrument acknowledging the assignment or satisfaction of such mortgage, signed by the mortgagee or such mortgagee's duly authorized attorney in fact, assignee of record, personal representative or by the lender or a designated closing agent acting as a closing agent in the sale, financing or refinancing of the real estate subject to such mortgage who has caused the indebtedness to be paid in full upon compliance with K.S.A. 58-2309a, and amendments thereto, and duly acknowledged and certified as other instruments affecting real estate. Such instrument shall contain the name of the mortgagor and mortgagee, a legal description of the property and the volume and page in which the mortgage is recorded.
(b) Where the mortgagee or assignee of record is deceased, and where the estate of such deceased mortgagee or assignee of record is in process of administration, in this or any other state, an assignment or a full release of such mortgage may be made by the executor or administrator without any showing as to the provisions of the will of the deceased, but there must accompany such assignment or release, as a part thereof, a certificate from a court of competent jurisdiction appointing such executor or administrator, under the hand of its proper officer, and attested by its seal, certifying as to such appointment, and that such executor or administrator is, at the date of such assignment or release, still so acting under the authority of such court. Such certificate shall not be required when the executor or administrator is acting under appointment of the district court of the county where the real estate mortgaged is located. Where the estate of such deceased has not been administered upon, or where the estate of such deceased has been administered and settled and the executor or administrator discharged, such assignment or release may be made by the heirs at law or legatee of such deceased mortgagee or assignee, and competent evidence must be furnished by them of the fact.
(c) Where the mortgagee or assignee of record is a firm or partnership, such mortgage shall be assigned or discharged by an instrument acknowledging the assignment or satisfaction of such mortgage as hereinbefore provided. Such instrument shall be signed either by each member of the firm or partnership, or by the firm or partnership, or by the firm or partnership by one of the members thereof.
(d) Any mortgage which, prior to July 1, 1977, has been released by a notation on the original mortgage instrument and signed by the mortgagee or the mortgagee's duly authorized attorney in fact, assignee of record or personal representative may be recorded in the office of the register of deeds of the county where the mortgaged property is located. When recorded, such release shall have the same force and effect as mortgages discharged in accordance with subsection (a).
58-2308. Discharge or assignment of mortgage to be recorded at length. Every such instrument, and the proof or acknowledgment thereof, shall be recorded at full length by the register of deeds, and a reference shall be made to the book and page containing such record or to the microphotograph number in the general or numerical indexes under the notation that such mortgage has been assigned or satisfied.
58-2309a. Entry of satisfaction of mortgage; duties
and liability of mortgagee or assignee of mortgage; entry of satisfaction
of mortgage by lender or closing agent, when.
(a) When the indebtedness secured by a recorded
mortgage is paid and there is no agreement for the making of future advances
to be secured by the mortgage, the mortgagee or the mortgagee's assignee
shall enter satisfaction or cause satisfaction of such mortgage to be entered
of record forthwith, paying the required fee. In the event the mortgagee
or the mortgagee's assignee fails to enter satisfaction or cause satisfaction
of such mortgage to be entered within 20 days after written demand by certified
or registered mail, the lender or a designated closing agent acting
as a closing agent in the sale, financing or refinancing of the real estate
subject to such mortgage, who upon reliance of written payoff information
provided by the mortgagee, and which payoff information shall be deemed
as the correct and full amount due and owing under such mortgage, has caused
the indebtedness to be paid in full may cause satisfaction of the mortgage
to be entered. If in fact the mortgagee or mortgagee's assignee was not
paid in accordance with the aforesaid payoff information when the mortgage
was released the lender or the closing agent in the sale, financing or
refinancing of the real estate subject to such mortgage who signed the
false release shall be liable in damages to the mortgagee or mortgagee's
assignee for the entire indebtedness together with interest thereon, attorney
fees, and any additional damages that the mortgagee or mortgagee's assignee
has incurred. Upon recording of such satisfaction by the lender or closing
agent in the sale, financing or refinancing of the real estate subject
to such mortgage, who has caused the indebtedness to be paid in full, such
mortgage shall be deemed fully released as if discharged by the mortgagee
or mortgagee's assignee.
(b) When a mortgage is recorded covering real estate in which the mortgagor has no interest, the mortgagee or the mortgagee's assignee shall enter satisfaction or cause satisfaction of such mortgage to be entered of record, paying the required fee without charge to the mortgagor or the mortgagor's assigns.
(c) A mortgagor, a mortgagor's heirs or assigns or anyone acting for such mortgagor, heirs or assigns, or the owner of real estate upon which a mortgage has been recorded by someone having no interest in the real estate, may make demand upon a mortgagee or assignee of a mortgagee for the entering of satisfaction of the mortgage, as provided for in subsections (a) and (b).
(d) Any mortgagee or assignee of a mortgagee who refuses or neglects to enter satisfaction of such mortgage within 20 days after demand has been made as provided in subsection (c) shall be liable in damages to the person for whom the demand was made in the sum of $500, together with a reasonable attorney's fee for preparing and prosecuting the action. The plaintiff in such action may recover any additional damages that the evidence in the case warrants. Civil actions may be brought under this act before any court of competent jurisdiction, and attachments may be had as in other cases.
(e) The mortgagee or assignee of a mortgagee entering satisfaction or causing to be entered satisfaction of a mortgage under the provisions of subsection (a) shall furnish to the office of the register of deeds the full name and last known post office address of the mortgagor or the mortgagor's assignee. The register of deeds shall forward such information to the county clerk who shall make any necessary changes in address records for mailing tax statements.
58-2318. Execution of assignments and releases of mortgages by corporations. All assignments and releases of mortgages by a corporation shall be valid when executed by the president, vice-president, secretary, cashier, treasurer or any other officer of such corporation so authorized by corporate resolution. Any assignment or release of a mortgage by a corporation which was executed on or after March 8, 1974, and prior to the effective date of this act, by one of the corporate officers designated herein, with or without attestation by the corporate seal, is hereby declared to be a legal and valid act of such corporation.
Assignments Generally: Lenders, or
holders of mortgages or deeds of trust, often assign mortgages or deeds
of trust to other lenders, or third parties. When this is done the
assignee (person who received the assignment) steps into the place of the
original lender or assignor. To effectuate an assignment, the general
rules is that the assignment must be in proper written format and recorded
to provide notice of the assignment.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Kansas Law
Execution of Assignment or Satisfaction: Must be signed by the mortgagee.
Assignment: An assignment must be in writing and recorded.
Demand to Satisfy: Upon full payoff, mortgagor may make written demand by certified or registered mail requesting mortgagee to record satisfaction of mortgage, whereupon mortgagee has 20 days to comply or face liability.
Recording Satisfaction: Any mortgage of real property that has been or may hereafter be recorded shall be assigned or discharged by an instrument acknowledging the assignment or satisfaction of such mortgage, signed by the mortgagee, and duly acknowledged and certified as other instruments affecting real estate.
Marginal Satisfaction: Not allowed- satisfaction must be by separate instrument.
Penalty: If mortgagee fails to have mortgage satisfied of record within 20 days of receipt of demand therefore, mortgagee shall be liable in damages to the person for whom the demand was made in the sum of $500, together with a reasonable attorney's fee for preparing and prosecuting the action. The plaintiff in such action may recover any additional damages that the evidence in the case warrants.
Acknowledgment: An assignment or satisfaction must contain a proper Kansas acknowledgment, or other acknowledgment approved by statute.
Kansas Statutes
58-2306. Discharge or assignment of recorded mortgage; procedure.
(a) Except as otherwise provided by this section, any mortgage of real property that has been or may hereafter be recorded shall be assigned or discharged by an instrument acknowledging the assignment or satisfaction of such mortgage, signed by the mortgagee or such mortgagee's duly authorized attorney in fact, assignee of record, personal representative or by the lender or a designated closing agent acting as a closing agent in the sale, financing or refinancing of the real estate subject to such mortgage who has caused the indebtedness to be paid in full upon compliance with K.S.A. 58-2309a, and amendments thereto, and duly acknowledged and certified as other instruments affecting real estate. Such instrument shall contain the name of the mortgagor and mortgagee, a legal description of the property and the volume and page in which the mortgage is recorded.
(b) Where the mortgagee or assignee of record is deceased, and where the estate of such deceased mortgagee or assignee of record is in process of administration, in this or any other state, an assignment or a full release of such mortgage may be made by the executor or administrator without any showing as to the provisions of the will of the deceased, but there must accompany such assignment or release, as a part thereof, a certificate from a court of competent jurisdiction appointing such executor or administrator, under the hand of its proper officer, and attested by its seal, certifying as to such appointment, and that such executor or administrator is, at the date of such assignment or release, still so acting under the authority of such court. Such certificate shall not be required when the executor or administrator is acting under appointment of the district court of the county where the real estate mortgaged is located. Where the estate of such deceased has not been administered upon, or where the estate of such deceased has been administered and settled and the executor or administrator discharged, such assignment or release may be made by the heirs at law or legatee of such deceased mortgagee or assignee, and competent evidence must be furnished by them of the fact.
(c) Where the mortgagee or assignee of record is a firm or partnership, such mortgage shall be assigned or discharged by an instrument acknowledging the assignment or satisfaction of such mortgage as hereinbefore provided. Such instrument shall be signed either by each member of the firm or partnership, or by the firm or partnership, or by the firm or partnership by one of the members thereof.
(d) Any mortgage which, prior to July 1, 1977, has been released by a notation on the original mortgage instrument and signed by the mortgagee or the mortgagee's duly authorized attorney in fact, assignee of record or personal representative may be recorded in the office of the register of deeds of the county where the mortgaged property is located. When recorded, such release shall have the same force and effect as mortgages discharged in accordance with subsection (a).
58-2308. Discharge or assignment of mortgage to be recorded at length. Every such instrument, and the proof or acknowledgment thereof, shall be recorded at full length by the register of deeds, and a reference shall be made to the book and page containing such record or to the microphotograph number in the general or numerical indexes under the notation that such mortgage has been assigned or satisfied.
58-2309a. Entry of satisfaction of mortgage; duties
and liability of mortgagee or assignee of mortgage; entry of satisfaction
of mortgage by lender or closing agent, when.
(a) When the indebtedness secured by a recorded
mortgage is paid and there is no agreement for the making of future advances
to be secured by the mortgage, the mortgagee or the mortgagee's assignee
shall enter satisfaction or cause satisfaction of such mortgage to be entered
of record forthwith, paying the required fee. In the event the mortgagee
or the mortgagee's assignee fails to enter satisfaction or cause satisfaction
of such mortgage to be entered within 20 days after written demand by certified
or registered mail, the lender or a designated closing agent acting
as a closing agent in the sale, financing or refinancing of the real estate
subject to such mortgage, who upon reliance of written payoff information
provided by the mortgagee, and which payoff information shall be deemed
as the correct and full amount due and owing under such mortgage, has caused
the indebtedness to be paid in full may cause satisfaction of the mortgage
to be entered. If in fact the mortgagee or mortgagee's assignee was not
paid in accordance with the aforesaid payoff information when the mortgage
was released the lender or the closing agent in the sale, financing or
refinancing of the real estate subject to such mortgage who signed the
false release shall be liable in damages to the mortgagee or mortgagee's
assignee for the entire indebtedness together with interest thereon, attorney
fees, and any additional damages that the mortgagee or mortgagee's assignee
has incurred. Upon recording of such satisfaction by the lender or closing
agent in the sale, financing or refinancing of the real estate subject
to such mortgage, who has caused the indebtedness to be paid in full, such
mortgage shall be deemed fully released as if discharged by the mortgagee
or mortgagee's assignee.
(b) When a mortgage is recorded covering real estate in which the mortgagor has no interest, the mortgagee or the mortgagee's assignee shall enter satisfaction or cause satisfaction of such mortgage to be entered of record, paying the required fee without charge to the mortgagor or the mortgagor's assigns.
(c) A mortgagor, a mortgagor's heirs or assigns or anyone acting for such mortgagor, heirs or assigns, or the owner of real estate upon which a mortgage has been recorded by someone having no interest in the real estate, may make demand upon a mortgagee or assignee of a mortgagee for the entering of satisfaction of the mortgage, as provided for in subsections (a) and (b).
(d) Any mortgagee or assignee of a mortgagee who refuses or neglects to enter satisfaction of such mortgage within 20 days after demand has been made as provided in subsection (c) shall be liable in damages to the person for whom the demand was made in the sum of $500, together with a reasonable attorney's fee for preparing and prosecuting the action. The plaintiff in such action may recover any additional damages that the evidence in the case warrants. Civil actions may be brought under this act before any court of competent jurisdiction, and attachments may be had as in other cases.
(e) The mortgagee or assignee of a mortgagee entering satisfaction or causing to be entered satisfaction of a mortgage under the provisions of subsection (a) shall furnish to the office of the register of deeds the full name and last known post office address of the mortgagor or the mortgagor's assignee. The register of deeds shall forward such information to the county clerk who shall make any necessary changes in address records for mailing tax statements.
58-2318. Execution of assignments and releases of mortgages by corporations. All assignments and releases of mortgages by a corporation shall be valid when executed by the president, vice-president, secretary, cashier, treasurer or any other officer of such corporation so authorized by corporate resolution. Any assignment or release of a mortgage by a corporation which was executed on or after March 8, 1974, and prior to the effective date of this act, by one of the corporate officers designated herein, with or without attestation by the corporate seal, is hereby declared to be a legal and valid act of such corporation.