A Partial Release of Property from Security Deed, Mortgage, effectively releases the Borrower from a portion of his/her original mortgage, or loan, commitment. This particular type of release is to be used when releasing an individual from his/her mortgage, not a corporation.
Georgia Partial Release of Property From Security Deed - Mortgage - Individual
State:
Georgia
Control #:
GA-124-Z
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Word;
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Key Concepts & Definitions
Partial Release of Property from Security Deed: This process involves the release of a portion of the property that is held as collateral against a mortgage. This can occur when a borrower wants to sell part of their property, refinance, or has paid a significant portion of the mortgage.
Secured Mortgage Loans: These are loans where the borrower provides a property as collateral to ensure loan repayment.
Loan to Value Ratio (LTV): This is a financial term used by lenders to express the ratio of a loan to the value of the asset purchased.
Step-by-Step Guide
- Assess the Requirement: Determine if a partial release of property is possible based on the borrower obligations under the mortgage loan conditions.
- Prepare Documentation: Collect necessary documents including mortgage agreement, property details, and personal finance analytics.
- Contact Financial Services: Engage with your lender to discuss the feasibility of the deed release and the impact on the loan to value ratio.
- Verification Process: Undergo the contact verification process required by the lender to authenticate identity and intent.
- Approval and Processing: If approved, the lender will process the partial release, adjust the secured mortgage terms, and issue new documentation.
Risk Analysis
- Financial Risk: There might be financial implications such as changes in mortgage conditions or interest rates.
- Legal Risk: Failure to adhere to proper procedures could result in legal complications or invalidation of the partial release.
- Market Risk: Changes in the real property investment market could affect the value of the remaining property.
Best Practices
- Detailed Record Keeping: Maintain accurate and detailed records of all transactions and communications with your lender.
- Legal Consultation: Consult a real estate or a financial lawyer to get a clear understanding of your obligations and rights.
- Regular Updates: Stay informed about changes in mortgage laws and real estate market conditions that might affect your property's value or your mortgage terms.
Common Mistakes & How to Avoid Them
- Insufficient Documentation: Always ensure all required documentation is complete and submitted on time. Keep copies for your records.
- Lack of Communication: Maintain open and regular communication with your lender to avoid any misunderstanding regarding the debt settlement options and secured mortgage modifications.
- Neglecting Fine Print: Read and understand all the terms and conditions in your mortgage agreement to avoid adverse consequences.
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FAQ
A partial discharge is when you have more than one property that is secured by a loan, and you would like to release one of those properties as security, without repaying the full loan.
If you are approved for the partial mortgage release, you will receive notification within two to six weeks.
When a home is sold, refinanced by a different company, or the loan paid off, the bank sends in a Cancellation which means the debt is satisfied and they no longer have a mortgage on the property.
When you pay off your loan and you have a mortgage, the lender will send you or the local recorder of deeds or office that handles the filing of real estate documents a release of mortgage.On the other hand, when you have a trust deed or deed of trust, the lender files a release deed.
Georgia law provides that a security deed can be cancelled by the Clerk of Superior Court upon receipt of an affidavit from an attorney with specified attachments. To find a lawyer, you may visit the State Bar of Georgia website at www.gabar.org/membership/membersearch.cfm.
When a home is sold, refinanced by a different company, or the loan paid off, the bank sends in a Cancellation which means the debt is satisfied and they no longer have a mortgage on the property.
Partial Release Clause is a provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. It's frequently found in tract development construction loans.
Which situation would require a partial release? A borrower who wishes to sell a property that is part of a blanket mortgage(multiple properties and one mortgage loan) would need the lender to issue a partial release on the property being sold to release the lien and give the property a clean title.
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.