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.
