Alaska Partial Release of Mortgage / Deed of Trust Lien on Leasehold Interest in Part of Lands Subject to Mortgage / Deed of Trust
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How to fill out Partial Release Of Mortgage / Deed Of Trust Lien On Leasehold Interest In Part Of Lands Subject To Mortgage / Deed Of Trust?
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FAQ
Foreclosure process: Mortgages typically go through a judicial foreclosure process, through your county court system. Deeds of trust use a non-judicial foreclosure process. Length of time to foreclose: Mortgage foreclosures usually take significantly longer than non-judicial foreclosures with a deed of trust.
If your name is on the deed but not on the mortgage, your position is actually advantageous. The names on the deed of a house, not the mortgage, indicate ownership.
Yes, you can put your spouse on the title without putting them on the mortgage. This would mean that they share ownership of the home but aren't legally responsible for making mortgage payments.
In other words, if your name is on the deed, you are tenants-by-the-entireties, and if one of you dies, the other owns the property entirely. If you are not on the mortgage for whatever reason, you are not liable for paying the mortgage loan. That said, you get your spouse's interest in the property if they die.
With a deed of trust, the lender gives the borrower the funds to make the home purchase. In exchange, the borrower provides the lender with a promissory note. The promissory note outlines the terms of the loan and the borrower's promise (hence the name) to pay.
The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.
To put simply, the deed is the legal document that proves who holds title to a property, while a mortgage is an agreement between a financial lender and borrower to repay the amount borrowed to purchase a home.
Ing to the mechanics lien law, after your notices are served timely the lien must be filed in the county recorder's office in the county where the property is located. The lien may either be served by certified mail, return receipt requested, or personally served on each of the parties.
