North Carolina Partial Release or Satisfaction of Mortgage by a Corporation

State:
Multi-State
Control #:
US-01499BG
Format:
Word; 
Rich Text
Instant download

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.

North Carolina Partial Release or Satisfaction of Mortgage by a Corporation involves the legal process through which a corporation releases or satisfies a mortgage in part. This typically occurs when a borrower has made partial payments towards their mortgage debt, and the lender agrees to release a portion of the property from the mortgage lien. In North Carolina, there are two common types of Partial Release or Satisfaction of Mortgage by a Corporation that are recognized: 1. Partial Release: In this scenario, a corporation decides to release a specific portion of the property from the mortgage lien. This is often seen when multiple properties are used as collateral, and the borrower has successfully paid off a portion of their debt. The mortgage lender, in such cases, agrees to release the lien on that specific property, allowing the borrower to possess clear title. 2. Partial Satisfaction: This type of Partial Release occurs when the corporation agrees to accept a partial payment towards the mortgage debt and releases a portion of the property from the mortgage lien. However, the borrower remains liable for the outstanding balance on the mortgage. This allows the borrower to free up the portion of the property that has been satisfied, without fully paying off their mortgage. The North Carolina Partial Release or Satisfaction of Mortgage by a Corporation requires specific steps to be followed: 1. Drafting the Agreement: The corporation and borrower need to negotiate and draft an agreement specifying the terms of the partial release or satisfaction. This includes clearly defining the portion of the property to be released or satisfied and the amount of outstanding debt. 2. Legal Compliance: The agreement must comply with North Carolina's laws and regulations governing mortgage releases or satisfactions. It is crucial to consult an attorney well-versed in real estate and mortgage laws to ensure all legal requirements are met. 3. Recording the Agreement: The release or satisfaction agreement must be recorded in the county's land records where the property is located. This step ensures that the release is publicly documented, protecting both the corporation and the borrower's interests. By following these procedures, corporations can effectively execute a Partial Release or Satisfaction of Mortgage in North Carolina, allowing borrowers to clear portions of their mortgaged property and continue making progress towards debt repayment. Keywords: North Carolina, Partial Release or Satisfaction of Mortgage, Corporation, Mortgage Lien, Property, Collateral, Debt, Partial Payment, Legal Compliance, Agreement, Recording, Borrower.

Free preview
  • Preview Partial Release or Satisfaction of Mortgage by a Corporation
  • Preview Partial Release or Satisfaction of Mortgage by a Corporation

How to fill out North Carolina Partial Release Or Satisfaction Of Mortgage By A Corporation?

Finding the right legitimate papers format might be a struggle. Obviously, there are tons of templates available online, but how do you discover the legitimate type you require? Utilize the US Legal Forms web site. The services gives a large number of templates, such as the North Carolina Partial Release or Satisfaction of Mortgage by a Corporation, which you can use for business and private requires. All of the types are checked out by experts and satisfy federal and state needs.

If you are currently listed, log in in your profile and click the Acquire key to find the North Carolina Partial Release or Satisfaction of Mortgage by a Corporation. Utilize your profile to appear with the legitimate types you might have acquired earlier. Visit the My Forms tab of the profile and have one more backup of your papers you require.

If you are a whole new end user of US Legal Forms, here are straightforward recommendations that you should stick to:

  • First, be sure you have selected the proper type for your metropolis/county. You are able to look over the shape utilizing the Preview key and read the shape explanation to make certain this is the best for you.
  • If the type fails to satisfy your needs, use the Seach discipline to discover the correct type.
  • Once you are sure that the shape is acceptable, select the Get now key to find the type.
  • Opt for the prices plan you would like and enter the needed information. Make your profile and buy your order with your PayPal profile or bank card.
  • Pick the data file formatting and obtain the legitimate papers format in your gadget.
  • Complete, revise and printing and indication the obtained North Carolina Partial Release or Satisfaction of Mortgage by a Corporation.

US Legal Forms may be the most significant library of legitimate types for which you will find various papers templates. Utilize the service to obtain professionally-created files that stick to status needs.

Form popularity

FAQ

A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.

A Mortgage Satisfaction will only be issued on the condition that all other requirements under the mortgage have been met. All documentation should be sent electronically to mtgsatisfact@hpd.nyc.gov. ... MORTGAGE INFORMATION. ... PROPERTY INFORMATION. ... BORROWER / LEGAL OWNER INFORMATION. ... CONTACT INFORMATION (If Different from Above)

The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set out by statute for failure to timely cancel the lien.

The majority of the time a deed of trust is used in a real estate transaction in North Carolina, it will be a purchase money mortgage, or a mortgage issued to the borrower by the seller of the home as part of the purchase transaction, unlike a traditional mortgage which is obtained through a bank.

A Satisfaction is a document that shows of record that an individual has paid a deed of trust or a mortgage in full. These documents are usually filed by the bank or other party to whom the money was owed to and it can take you up to 45 days before they show up on record after payoff has been made.

Deeds of trust and mortgages can be satisfied with a simple instrument prepared and signed by the trustee or secured creditor and acknowledged; however, still allowing for satisfaction previously provided for in North Carolina Law, Register of Deeds no longer will have forms for satisfaction the provisions of the law ...

A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.

Interesting Questions

More info

– A document that rescinds either (i) a release that was recorded in error or (ii) the erroneous satisfaction of a security instrument. (2) Release. – A ... (3) Contains language releasing property or an interest in property from the lien of the security instrument. (4) Is signed and acknowledged as required by law ...If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the ... Record of Satisfaction or Filing of Satisfaction (N.C.G.S. 45-37.2): Under the N.C. Act, the register of deeds will simply file any of the satisfaction forms ... Section 45-36.9 - Secured creditor to submit satisfaction or release for recording; liability for failure ... in or filling in forms. You can set your browser to ... This Partial Release complies with all applicable state statutory laws. This is only a partial release and the identified mortgage remains in full force and ... Follow the instructions below to complete Partial Release of Property From Deed of Trust for Individual - North Carolina online quickly and easily: Log in to ... 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 ... B. Lender has agreed to release that certain portion of the property encumbered by the Deed of Trust which is more fully described on Exhibit A hereof from the ... By North Carolina law, deeds of trust and mortgages can be satisfied on the record with a simple instrument prepared and signed by the trustee or secured ...

Trusted and secure by over 3 million people of the world’s leading companies

North Carolina Partial Release or Satisfaction of Mortgage by a Corporation