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
Format:
Word;
Rich Text
Instant download
Description O C A
Free preview Partial Release Of Mortgage Form
How to fill out Mortgagee Cancel Satisfied?
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Property Described State 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.