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.
Mississippi Partial Release or Satisfaction of Mortgage by a Corporation refers to the legal process by which a corporation, as a mortgagee, releases or satisfies a portion of its lien on a property that was used as collateral for a mortgage. This allows the property owner to obtain partial relief from the mortgage without fully paying off the entire loan amount. In Mississippi, there are different types of partial releases or satisfactions of mortgage that a corporation can utilize: 1. Mississippi Partial Release of Mortgage: This type of release occurs when the corporation agrees to release its lien on a specific portion of the property. For example, if the property was initially used to secure a $200,000 mortgage, and the owner has paid off $50,000 of the loan, the corporation may agree to release its lien on $50,000 worth of property. 2. Mississippi Partial Satisfaction of Mortgage: This variation occurs when the corporation acknowledges that a portion of the outstanding loan has been satisfied. In this case, the corporation reduces the principal balance of the mortgage by the amount paid by the property owner, allowing for a partial satisfaction of the debt. 3. Mississippi Release of Subordinate Lien: Sometimes, there may be multiple mortgages on a property, with one being superior to the other. In this scenario, a corporation may release a subordinate lien that it holds on the property. This allows the property owner to obtain financing or sell the property without the subordinate mortgage encumbrance. The process of executing a Mississippi Partial Release or Satisfaction of Mortgage by a Corporation involves several steps. Firstly, the corporation and the property owner must enter into an agreement outlining the terms of the release or satisfaction. This agreement should clearly specify the amount to be released or satisfied, and any additional conditions or considerations. Once the agreement is reached, it is typically recorded with the county clerk or recorder's office where the original mortgage was recorded. This ensures that the partial release or satisfaction is properly documented in the property records, making it legally valid and enforceable. Keywords: Mississippi, Partial Release, Satisfaction of Mortgage, Corporation, lien, collateral, property owner, legal process, mortgagee, loan amount, principal balance, subordinate lien, financing, county clerk, recorder's office, property records.
