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.
Franklin Ohio Partial Release or Satisfaction of Mortgage by a Corporation is a legal document used to release or discharge a portion of a mortgage held by a corporation on a property located in Franklin, Ohio. This document is typically used when the borrower has made partial payments towards the mortgage and wants to release a specific portion of the property from the mortgage lien. In Franklin, Ohio, there are different types of Partial Release or Satisfaction of Mortgage by a Corporation depending on the specific circumstances. These may include: 1. Partial Release of Lot or Section: This type of release is used when only a specific lot or section of a property needs to be released from the mortgage. For example, if a borrower has paid off a mortgage on Lot 1 of a subdivision, the corporation holding the mortgage can release Lot 1 from the mortgage lien while keeping the mortgage intact for the remaining lots. 2. Partial Release of Additional Collateral: In some cases, a borrower may have provided additional collateral to secure the mortgage, such as a second property. If the borrower has made significant payments on the mortgage, the corporation may agree to release the additional collateral from the mortgage lien while keeping the primary property encumbered. 3. Partial Release of Cross-Collateralized Loans: Cross-collateralization involves using multiple properties as collateral for a single loan. If the borrower has made substantial payments on the mortgage, the corporation may choose to release one or more of the properties from the mortgage lien while maintaining the lien on the remaining properties. It is important for corporations in Franklin, Ohio, to follow the necessary legal procedures and guidelines when executing a Partial Release or Satisfaction of Mortgage. This includes ensuring proper documentation, obtaining necessary signatures, and recording the release with the county recorder's office to provide public notice of the partial release. Overall, a Franklin Ohio Partial Release or Satisfaction of Mortgage by a Corporation is a crucial document that allows corporations to release specific portions or collateral from a mortgage lien based on the borrower's payments and agreed-upon terms.Franklin Ohio Partial Release or Satisfaction of Mortgage by a Corporation is a legal document used to release or discharge a portion of a mortgage held by a corporation on a property located in Franklin, Ohio. This document is typically used when the borrower has made partial payments towards the mortgage and wants to release a specific portion of the property from the mortgage lien. In Franklin, Ohio, there are different types of Partial Release or Satisfaction of Mortgage by a Corporation depending on the specific circumstances. These may include: 1. Partial Release of Lot or Section: This type of release is used when only a specific lot or section of a property needs to be released from the mortgage. For example, if a borrower has paid off a mortgage on Lot 1 of a subdivision, the corporation holding the mortgage can release Lot 1 from the mortgage lien while keeping the mortgage intact for the remaining lots. 2. Partial Release of Additional Collateral: In some cases, a borrower may have provided additional collateral to secure the mortgage, such as a second property. If the borrower has made significant payments on the mortgage, the corporation may agree to release the additional collateral from the mortgage lien while keeping the primary property encumbered. 3. Partial Release of Cross-Collateralized Loans: Cross-collateralization involves using multiple properties as collateral for a single loan. If the borrower has made substantial payments on the mortgage, the corporation may choose to release one or more of the properties from the mortgage lien while maintaining the lien on the remaining properties. It is important for corporations in Franklin, Ohio, to follow the necessary legal procedures and guidelines when executing a Partial Release or Satisfaction of Mortgage. This includes ensuring proper documentation, obtaining necessary signatures, and recording the release with the county recorder's office to provide public notice of the partial release. Overall, a Franklin Ohio Partial Release or Satisfaction of Mortgage by a Corporation is a crucial document that allows corporations to release specific portions or collateral from a mortgage lien based on the borrower's payments and agreed-upon terms.
