An agreement that creates an interest in real property as security for an obligation, such as the payment of a note, and that is to cease upon the performance of the obligation, is called a mortgage. The person whose interest in the property is given as security is the mortgagor. The person who receives the security is the mortgagee (e.g., lender). A release, deed of reconveyance, deed of release, or authority to cancel is used by a mortgagee to renounce a claim upon a person's real property subject to the mortgage.
A South Carolina Letter Tendering Final Payment of Amount Due Pursuant to a Promissory Note Secured by a Mortgage in Order to Obtain a Release of the Mortgaged Premises is a formal communication sent by a borrower to their lender to notify them of their intention to make the final payment and request the release of the mortgaged property. This letter serves as evidence of the borrower's fulfillment of the financial obligations outlined in the promissory note and demonstrates their desire to obtain full ownership and control over the property. The following are different types of South Carolina Letters Tendering Final Payment of Amount Due Pursuant to a Promissory Note Secured by a Mortgage in Order to Obtain a Release of the Mortgaged Premises: 1. Traditional Mortgage Payoff Letter: This type of letter is typically used when a borrower is making a final payment toward the mortgage loan and requests a release of the mortgaged premises. It includes details of the loan, the outstanding balance, the final payment amount, and instructions for the lender to release the mortgage lien on the property. 2. Refinance Mortgage Payoff Letter: When a borrower refinances their mortgage, they may require a different type of payoff letter. This letter details the new loan agreement, the outstanding balance of the original mortgage, the final payment amount, and instructions for the lender to release the mortgage lien on the property once the refinancing process is completed. 3. Partial Release of Mortgage Payoff Letter: In certain situations, a borrower may have multiple properties mortgaged under a single loan agreement. If the borrower wishes to release one of the properties from the mortgage lien after making a final payment, they would send a partial release of mortgage payoff letter. This letter specifies the property to be released and provides all necessary details related to the remaining mortgage balance and the agreed-upon final payment amount for the released property. 4. Balloon Mortgage Payoff Letter: A balloon mortgage is a loan agreement in which the borrower makes smaller monthly payments but is required to make a larger lump sum payment at the end of the loan term. When a borrower is ready to make the final payment on a balloon mortgage, they would send a balloon mortgage payoff letter. This letter includes the loan details, remaining balance, final payment amount, and instructions for the lender to release the mortgage lien upon receiving the lump sum payment. All of these letters aim to fulfill the same purpose — finalizing the mortgage payment and obtaining a release of the mortgaged premises. By communicating their intentions clearly and providing all the necessary information, borrowers in South Carolina can ensure a smooth transition to full ownership of the properties they have mortgaged.
