Kentucky Partial Release or Satisfaction of Mortgage by a Corporation

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Multi-State
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US-01499BG
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Description

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.

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FAQ

The Satisfaction of Mortgage Documentation Process If sold, the owner of the mortgage at the time of the final payment is responsible for completing the satisfaction of mortgage documentation.

A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.

What is a Mortgage Release? A mortgage release, also referred to as ?deed in lieu of foreclosure? (DIL), is when a homeowner relinquishes the ownership of their property voluntarily to the owner of the mortgage, often a bank or lender, in exchange for a release from the mortgage and all future mortgage payments.

You Release a Mortgage or Charge when the property charged has been released from the charge or no longer forms part of the company's property. You Satisfy a Mortgage or Charge when the debt of the charge has been paid or satisfied in full or part.

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.

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Kentucky Partial Release or Satisfaction of Mortgage by a Corporation