What happens after a mortgage release?

After a mortgage release, the home is no longer encumbered by the mortgage lien, allowing for clear ownership. The release document should be recorded at your local county clerk's office to ensure public records reflect the change. If you are navigating the complexities of an Elizabeth New Jersey Partial Release of Property From Mortgage for Corporation, make sure all paperwork is filed properly.

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New Jersey Partial Release of Property From Mortgage for Corporation

Elizabeth New Jersey Partial Release of Property From Mortgage for Corporation

Q: What is the difference between a discharge and a release?

A discharge eliminates the borrower&#039;s responsibility for repayment, typically after payment completion or bankruptcy. Conversely, a release pertains specifically to the removal of the lien from the property title. It&#039;s essential to understand these differences, particularly when working through an Elizabeth New Jersey Partial Release of Property From Mortgage for Corporation.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

New Jersey

City:

Elizabeth

Control #:

NJ-S124

Format:

Instant download

Description

This is an assignment of mortgage/deed of trust form where the owner of the deed of trust/mortgage conveys the owner's interest in the deed of trust/mortgage to a third party. The holder of the deed of trust/mortgage is a corporation.

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How to fill out New Jersey Partial Release Of Property From Mortgage For Corporation?

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FAQ

To obtain a copy of your mortgage lien release, contact your lender and request the necessary documents. Once you receive the release, make sure to record it with your local county clerk to keep your property records up-to-date. For additional assistance with the process related to an Elizabeth New Jersey Partial Release of Property From Mortgage for Corporation, the uslegalforms platform can guide you through the required steps.

A partial release of a lien allows a specific portion of the property to be released from the lien, while the remaining portions remain encumbered. This often occurs in cases where a property is subdivided or sold in parts. If you are considering an Elizabeth New Jersey Partial Release of Property From Mortgage for Corporation, a partial release might be the best solution to meet your corporate or personal needs.

A discharge eliminates the borrower's responsibility for repayment, typically after payment completion or bankruptcy. Conversely, a release pertains specifically to the removal of the lien from the property title. It's essential to understand these differences, particularly when working through an Elizabeth New Jersey Partial Release of Property From Mortgage for Corporation.

To record a release of your mortgage, you must first obtain the release document from your lender. Once you have the document, file it with the local county clerk's office, ensuring that it is officially recorded in public records. For assistance with navigating this process related to your Elizabeth New Jersey Partial Release of Property From Mortgage for Corporation, consider using the uslegalforms platform, which provides easy-to-follow guidance.

After a mortgage release, the home is no longer encumbered by the mortgage lien, allowing for clear ownership. The release document should be recorded at your local county clerk's office to ensure public records reflect the change. If you are navigating the complexities of an Elizabeth New Jersey Partial Release of Property From Mortgage for Corporation, make sure all paperwork is filed properly.

To obtain a partial release of a mortgage in Elizabeth, New Jersey, you must first review your mortgage agreement for a partial release clause. Then, you typically need to demonstrate that you meet any requirements set by your lender, which may involve submitting a request or a partial release of collateral letter. Consulting platforms like uslegalforms can provide templates and guidance throughout this process, ensuring you take the right steps efficiently.

A partial release of collateral letter is a formal document that requests the lender to release specific collateral from the mortgage. This document outlines the details of the collateral being released and often includes relevant identifiers such as property descriptions. If you are a corporation in Elizabeth, New Jersey, you can utilize this type of letter as part of the process to secure a partial release of property from mortgage.

Typically, commercial mortgages for properties like those in Elizabeth, New Jersey, will include a partial release clause. This clause allows the borrower, often a corporation, to release part of the property from mortgage obligations while retaining rights over the rest. Having a partial release in such mortgages provides flexibility for property management and financial strategies.

A partial release of collateral refers to the process where specific assets are released from a mortgage agreement while the remaining collateral stays under the mortgage. For corporations in Elizabeth, New Jersey, this can be beneficial when they need to sell or refinance a portion of their property. It allows businesses to access funds without fully discharging the mortgage, maintaining some level of financial security.

A partial discharge of a mortgage is a formal legal acknowledgment that part of the mortgage obligation has been satisfied, typically when a portion of the property is released. This action reduces the total debt associated with the mortgage but does not eliminate it entirely. For corporations in Elizabeth, New Jersey, understanding the concept of partial discharge can assist in managing financial obligations while maximizing the use of corporate assets. It is a strategic tool for financial planning.

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Partial Release of Property From Mortgage for 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 rule 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 recorded mortgage, which is attested by the clerk.

New Jersey Law

Execution of Assignment or Satisfaction:

Must be signed by the mortgagee.

Assignment:

Demand to Satisfy:

Written demand from mortgagor to mortgagee at least 20 days prior to filing suit.

Recording Satisfaction:

An instrument constituting a satisfaction of mortgage meeting the requirements for recordation, including acknowledgment or proof, is filed with the county recording officer. See detailed statutes, below.

Marginal Satisfaction:

The county recording officer shall forthwith enter in the margin opposite the original entry of such mortgage a note or memorandum setting forth such cancellation, release or discharge, together with a reference to the book and page wherein such cancellation, release or discharge is recorded. See section 46:18-12, below.

Penalty:

If the mortgagee has not complied within 15 business days after receipt of the written notice from the mortgagor or mortgagor's agent pursuant to this paragraph (1), the mortgagee or his assigns shall be subject to a fine of $50 per day for each day after the 15-day period until compliance, except that the total fine imposed pursuant to this paragraph (1) shall not exceed $1,000.

If Mortgagee fails to satisfy the recording requirements, he is liable for damages, including attorney fees, if 20 days written notice is given by Mortgagor prior to suit.

Acknowledgment:

An assignment or satisfaction must contain a proper New Jersey acknowledgment, or other acknowledgment approved by Statute.

New Jersey Statutes

46:18-2. Marginal notation on records of mortgages of recorded assignments, extensions or postponements thereof.

When any mortgage of record in the office of the county recording officer of any county shall be assigned, extended or postponed, and such assignment, extension or postponement shall be recorded in the office of such county recording officer, such county recording officer shall forthwith enter in the margin opposite the original entry of such mortgage a note or memorandum setting forth such assignment, extension or postponement, together with a reference to the book and page wherein such assignment, extension or postponement is recorded, and not until such note or memorandum is so entered in the margin as aforesaid shall such recording be notice to all persons concerned that such mortgage is assigned, extended or postponed.

46:18-3. Record of assignments of mortgages; indexes.

The county recording officers of the several counties are authorized to record, in suitable books to be provided for that purpose, any assignment of any mortgage upon real estate within their respective counties, the same having thereon such certificate of acknowledgment or proof of execution thereof as is or may be required by law for the recording of deeds, which certificate shall be recorded therewith. All such assignments shall be properly indexed. For recording such assignments and for copies thereof the county recording officer shall be entitled to the fees prescribed by section 22:4-4 of the title Fees and Costs.

46:18-4. Record of assignment of mortgage as notice of assignment.

The recording of any assignment of a mortgage upon real estate as provided by section 46:18-3 of this title shall, from the time such assignment is left with the county recording officer for record, be notice to all persons concerned that such mortgage is so assigned.

46:18-5.1. Cancellation of mortgages.

A mortgage shall be cancelled of record by the recording officer of any county in which the mortgage was recorded if:

a. The original mortgage bearing on it the receipt given by the county recording officer at the time it was recorded is presented to the county recording officer with an endorsement on it authorizing its cancellation bearing the signature of the mortgagee or, if the mortgage has been assigned of record, of the last assignee of record of the mortgage. If the mortgagee or assignee of the mortgage is a corporation or other entity, the signature for the entity on the endorsement may be made by any person authorized by the entity to do so; or

b. An instrument constituting a satisfaction of mortgage meeting the requirements for recordation, including acknowledgment or proof, is filed with the county recording officer.

46:18-11.2. Cancellation of mortgage after satisfaction.

a. When any mortgage registered or recorded pursuant to R.S.46:17-1 et seq. shall be redeemed, paid and satisfied, a mortgagee, other than a bank, savings bank, savings and loan association, credit union or other corporation engaged in the business of making or purchasing mortgage loans, or his agents or assigns shall within 10 days notify the mortgagor that he has the right to demand the mortgagee to cancel the mortgage of record upon payment by the mortgagor of the fee required by the county to effect the cancellation and the mortgagee shall within 30 days of the receipt by the mortgagee of the required fee from the mortgagor:

(1) apply to the county recording officer to have the mortgage canceled of record; and

(2) send to the mortgagor or mortgagor's agent at the same time the mortgage is sent to the county recording officer for cancellation of record a copy of the letter of transmittal which the mortgagee sent to the county recording officer requesting the cancellation of the mortgage of record.

(1) When any mortgage registered or recorded pursuant to R.S.46:17-1 et seq. shall be redeemed, paid and satisfied and the mortgagee is a bank, savings bank, savings and loan association, credit union or other corporation in the business of making or purchasing mortgage loans, that mortgagee, its agents or assigns shall:

(a) cause the mortgage to be submitted to the county recording officer for cancellation of record within 30 days of receipt of all fees which are required to be paid by the mortgagor pursuant to this subsection; and

(b) send to the mortgagor or mortgagor's agent at the same time the mortgage is sent to the county recording officer for cancellation of record a copy of the letter of transmittal which the mortgagee sent to the county recording officer requesting the cancellation of the mortgage of record.

(2) The mortgagee shall have the right to receive from the mortgagor the amount of the fee charged by the county recording officer to cancel the mortgage plus an additional service fee from the mortgagor, which service fee shall not exceed $25 or such higher amount which the Commissioner of Banking and Insurance may approve by regulation, provided the mortgagor has received notice of the fees required by the mortgagee. The mortgagee may collect the service fee at the time of the mortgage transaction or at the time the mortgage is redeemed, paid and satisfied. The fee charged by the county recording officer to cancel the mortgage of record shall be collectible at the time the mortgage is redeemed, paid and satisfied.

c. If the final payment is made in cash, by certified check or cashier's check, the mortgage shall be deemed paid, satisfied and redeemed upon receipt of the cash, certified check or cashier's check by the mortgagee, his agents or assigns.

46:18-11.3. Penalty

(1) If the mortgagee, his agent or assigns fails to comply with the applicable provisions of subsection a. or b. of section 1 of P.L.1975, c.137 (C.46:18-11.2) , the mortgagor or the mortgagor's agent may serve the mortgagee or his assigns with written notice of the noncompliance, which notice shall identify the mortgage and the date and means of its redemption, payment and satisfaction. If the mortgagee has not complied within 15 business days after receipt of the written notice from the mortgagor or mortgagor's agent pursuant to this paragraph (1) , the mortgagee or his assigns shall be subject to a fine of $50 per day for each day after the 15-day period until compliance, except that the total fine imposed pursuant to this paragraph (1) shall not exceed $1,000.

(2) If the mortgagee, his agent or assigns fails to comply with the applicable provisions of section 1 of P.L.1975, c.137 (C.46:18-11.2), the purchaser or the purchaser's agent may serve the mortgagee or his assigns with written notice of the noncompliance, which notice shall identify the mortgage and the date and means of its redemption, payment and satisfaction. If the mortgagee has not complied within 15 business days after receipt of the written notice from the purchaser or purchaser's agent pursuant to this paragraph (2), the mortgagee or his assigns shall be subject to a fine of $50 per day for each day after the 15-day period until compliance, except that the total fine imposed pursuant to this paragraph (2) shall not exceed $1,000.

b. Of each fine collected pursuant to subsection a. of this section, 100% shall be payable to the private citizen instituting the action. The fine may be collected by summary proceedings instituted by a private citizen or the Attorney General in accordance with "the penalty enforcement law" (N.J.S.2A:58-1 et seq.).

(1) If a mortgagee, his agent or assigns has not applied to the county recording officer to cancel the mortgage of record pursuant to subsection a. or b. of section 1 of P.L.1975, c.137 (C.46:18-11.2), within the 15 business day period provided by paragraph (1) of subsection a. of this section, the mortgagee shall be liable to the mortgagor for the greater of the mortgagor's actual damages or the sum of $1,000, less any fines recovered by the mortgagor pursuant to paragraph (1) of subsection a. and paragraph (1) of subsection b. of this section. In any successful action to recover damages pursuant to this paragraph (1), the mortgagee shall reimburse the mortgagor for the costs of the action including the mortgagor's reasonable attorneys' fees.

(2) If a mortgagee, his agent or assigns has not applied to the county recording officer to cancel the mortgage of record pursuant to subsection a. or b. of section 1 of P.L.1975, c.137 (C.46:18-11.2), within the 15 business day period provided by paragraph (2) of subsection a. of this section, the mortgagee shall be liable to the purchaser for the greater of the purchaser's actual damages or the sum of $1,000, less any fines recovered by the purchaser pursuant to paragraph (2) of subsection a. and paragraph (2) of subsection b. of this section. In any successful action to recover damages pursuant to this paragraph (2), the mortgagee shall reimburse the purchaser for the costs of the action including the purchaser's reasonable attorneys' fees.

46:18-11.4. Failure to comply; liability for costs of action for cancellation

Any mortgagee or his assigns who fail to comply with section 1 of this act shall be liable to the mortgagor, or his heirs, successors or assigns who have an interest in the mortgaged premises for the cost of any legal action to have the mortgage canceled of record, including reasonable attorneys' fees, but no attorneys' fees shall be allowed unless 20 days written notice is given to the mortgagee prior to institution of suit.

46:18-11.5 Definitions relative to mortgage cancellations.

1. As used in this act: "Mortgage" means a residential mortgage, security interest or the like, in which the security is a residential property such as a house, real property or condominium, which is occupied, or is to be occupied, by the debtor, who is a natural person, or a member of the debtor's immediate family, as that person's residence. The provisions of sections 2 and 3 of P.L.1999, c.40 (C.46:18-11.6 and C.46:18-11.7) shall apply to all residential mortgages wherever made, which have as their security a residence in the State of New Jersey, provided that the real property which is the subject of the mortgage shall not have more than four dwelling units, one of which shall be, or is planned to be, occupied by the debtor or a member of the debtor's immediate family as the debtor's or family member's residence at the time the loan is originated. "Pay-off letter" means a written document prepared by the holder or servicer of the mortgage being paid, which is dated not more than 60 days prior to the date the mortgage is paid, and which contains a statement of all the sums due to satisfy the mortgage debt, including, but not limited to, interest accrued to the date the statement is prepared and a means of calculating per diem interest accruing thereafter.

46:18-11.6 Conditions under which discharge of mortgage may be executed.

a. A person which is entitled to receive payment of a mortgage duly recorded or registered in this State pursuant to a written agreement, whether or not recorded, entered into with the holder or owner of the mortgage may execute a discharge, satisfaction-piece, release, subordination or postponement on behalf of the holder or owner thereof, which instrument shall be accepted for recording by the county clerk or register of deeds and mortgages, so long as:

(1) it meets the requirements of section 2 of P.L.1991, c.308 (C.46:15-1.1); and

(2) it contains the following wording in the body thereof: "_____________ is authorized to execute this instrument pursuant to the terms of a written agreement dated ______, between _______________, as owner or holder of the mortgage, and __________________, as servicer thereof."

b. A person which is the owner or holder of a mortgage duly recorded or registered in this State for which a prior assignment thereof is unrecorded, may execute a discharge, satisfaction-piece, release, subordination or postponement thereof, which instrument shall be accepted for recording by the county clerk or register of deeds and mortgages, so long as:

(1) it meets the requirements of section 2 of P.L.1991, c.308 (C.46:15-1.1); and

(2) it contains wording in the body of the instrument setting forth the particulars concerning all assignments of the mortgage, whether or not recorded.

c. Upon payment of the appropriate fees therefor, the county clerk or register of deeds and mortgages shall cause a marginal notation to be made upon the record of a mortgage which is specifically described in an instrument submitted in accordance with subsection a. or b. of this section.

46:18-12. Marginal notations of cancellation, release or discharge of mortgage.

When any mortgage of record in the office of the county recording officer of any county shall be canceled, released or discharged, and such cancellation, release or discharge shall be recorded in the office of such county recording officer, such county recording officer shall forthwith enter in the margin opposite the original entry of such mortgage a note or memorandum setting forth such cancellation, release or discharge, together with a reference to the book and page wherein such cancellation, release or discharge is recorded, and not until such note or memorandum is so entered in the margin as aforesaid shall such recording be notice to all persons concerned that such mortgage is canceled, released or discharged.

Partial Release of Property From Mortgage for Corporation

Assignments Generally:

Satisfactions Generally:

New Jersey Law

Execution of Assignment or Satisfaction:

Must be signed by the mortgagee.

Assignment:

Demand to Satisfy:

Written demand from mortgagor to mortgagee at least 20 days prior to filing suit.

Recording Satisfaction:

Marginal Satisfaction:

Penalty:

If Mortgagee fails to satisfy the recording requirements, he is liable for damages, including attorney fees, if 20 days written notice is given by Mortgagor prior to suit.

Acknowledgment:

An assignment or satisfaction must contain a proper New Jersey acknowledgment, or other acknowledgment approved by Statute.

New Jersey Statutes

46:18-2. Marginal notation on records of mortgages of recorded assignments, extensions or postponements thereof.

46:18-3. Record of assignments of mortgages; indexes.

46:18-4. Record of assignment of mortgage as notice of assignment.

46:18-5.1. Cancellation of mortgages.

A mortgage shall be cancelled of record by the recording officer of any county in which the mortgage was recorded if:

b. An instrument constituting a satisfaction of mortgage meeting the requirements for recordation, including acknowledgment or proof, is filed with the county recording officer.

46:18-11.2. Cancellation of mortgage after satisfaction.

(1) apply to the county recording officer to have the mortgage canceled of record; and

46:18-11.3. Penalty

46:18-11.4. Failure to comply; liability for costs of action for cancellation

46:18-11.5 Definitions relative to mortgage cancellations.

46:18-11.6 Conditions under which discharge of mortgage may be executed.

(1) it meets the requirements of section 2 of P.L.1991, c.308 (C.46:15-1.1); and

(2) it contains wording in the body of the instrument setting forth the particulars concerning all assignments of the mortgage, whether or not recorded.

46:18-12. Marginal notations of cancellation, release or discharge of mortgage.

Elizabeth New Jersey Partial Release of Property From Mortgage for Corporation

Description

Related forms

Viewed forms

How to fill out New Jersey Partial Release Of Property From Mortgage For Corporation?

Form popularity

FAQ

How do I get a copy of my mortgage lien release?

What is a partial release of a lien?

What is the difference between a discharge and a release?

How do I record a release of my mortgage?

What happens after a mortgage release?

How to get partial release of mortgage?

What is a partial release of collateral letter?

What type of mortgage has a partial release clause?

What is a partial release of collateral?

What is a partial discharge of a mortgage?

Trusted and secure by over 3 million people of the world’s leading companies

Elizabeth New Jersey Partial Release of Property From Mortgage for Corporation

Description

Related forms

Viewed forms

How to fill out New Jersey Partial Release Of Property From Mortgage For Corporation?

Form popularity

FAQ

How do I get a copy of my mortgage lien release?

What is a partial release of a lien?

What is the difference between a discharge and a release?

How do I record a release of my mortgage?

What happens after a mortgage release?

How to get partial release of mortgage?

What is a partial release of collateral letter?

What type of mortgage has a partial release clause?

What is a partial release of collateral?

What is a partial discharge of a mortgage?

Elizabeth New Jersey Partial Release of Property From Mortgage for Corporation Related Searches

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