What does partial release of mortgage mean?

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.

Which situation would require a partial release?

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.

What type of loan usually has a partial release clause?

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.

What does cancellation of security deed mean?

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.

How do I get a security deed removed in Georgia?

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.

Is a release of mortgage the same as a deed?

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.

What is a cancellation of security deed?

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.

How long does it take to get a partial mortgage release?

If you are approved for the partial mortgage release, you will receive notification within two to six weeks.

What is a partial discharge of mortgage?

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.

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Georgia Partial Release of Property From Security Deed - Mortgage -...

Partial Lien Release Mortgage

Name: Georgia Partial Release of Property From Security Deed - Mortgage - Individual
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Georgia Real Estate - Mortgages and Deeds of Trust

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GA-124-Z

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Description Deed Record Property

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.

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