A Virginia Partial Release of Mortgage/Deed of Trust is a legal document that allows a borrower to release a specific portion of their property from the mortgage or deed of trust. This partial release is often requested when the borrower wants to sell or transfer a portion of the property while keeping the remaining part under the original lien. In Virginia, there are generally two types of partial releases: Partial Release by Specific Property Description and Partial Release by Dollar Amount. 1. Partial Release by Specific Property Description: This type of release allows the borrower to identify a specific portion of the property that they want to release from the mortgage or deed of trust. It involves providing a legal description or a survey of the portion to be released, clearly defining its boundaries and size. The lender or trustee must consent to this release, and it is often accompanied by an updated survey or appraisal to ensure accuracy. 2. Partial Release by Dollar Amount: In some cases, borrowers may prefer to release a specific dollar amount rather than a particular portion of the property. This type of release allows the borrower to determine the amount they want to release, which reduces the overall indebtedness while keeping the remaining property as collateral. The lender or trustee must agree to this arrangement, and the released amount is typically paid off or refinanced separately. Virginia Partial Release of Mortgage/Deed of Trust is an instrumental tool for borrowers who wish to divide or monetize their property without losing the security provided by the existing mortgage or deed of trust. It allows them to unlock the equity present in a portion of their property, facilitating financial transactions such as refinancing, sales, or development. In conclusion, a Virginia Partial Release of Mortgage/Deed of Trust grants borrowers the flexibility to release a specific portion of their property or a set dollar amount from a mortgage or deed of trust. By utilizing this release, borrowers can create new opportunities for property utilization while maintaining the original lien on the remaining portion. Whether through a specific property description or a dollar amount release, this legal document streamlines property transactions and ensures the continued security provided by the mortgage or deed of trust.
Virginia Partial Release of Mortgage / Deed of Trust
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How to fill out Virginia Partial Release Of Mortgage / Deed Of Trust?
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No deed of trust or mortgage heretofore or hereafter given to secure the payment of money, and no lien heretofore or hereafter reserved to secure the payment of unpaid purchase money, shall be enforced after 10 years from the time when the original obligation last maturing thereby secured shall have become due and ...
The certificate of satisfaction shall be signed by the creditor or his duly authorized agent, attorney or attorney-in-fact, or any person to whom the instrument evidencing the indebtedness has been endorsed or assigned for the purpose of effecting such release.
A judgment is enforceable for a twenty-year period from the date it is rendered. VA Code Ann. § 8.01-251(A). A creditor may prevent expiration of his judgment lien by making a motion to extend within the twenty-year period.
Judgment Release Recording Upon satisfaction of a judgment, creditor must file a release of judgment (Virginia Code § 8.01-454). Creditor or their legal representative shall draft a satisfaction or complete CC-1463/Authorization for Entry of Satisfaction of Judgment and /or Release of Judgment Lien (PDF).
Upon satisfaction of a judgment, creditor must file a release of judgment (Virginia Code § 8.01-454). Creditor or their legal representative shall draft a satisfaction or complete CC-1463/Authorization for Entry of Satisfaction of Judgment and /or Release of Judgment Lien (PDF).
If a judgment has been entered against you, there are a few options available to you. These include paying the judgment, appealing the case, or filing a motion to rehear. If you fail to act, a number of other actions initiated by the Judgment Creditor may occur.
The Virginia Mechanics Lien Release Form is used to cancel a lien that has already been filed. It's most often used to release a lien claim after a lien claimant receives payment. However, they may also be released based on settlements, legal controversies, because they expired, or more.
After or accompanying payment in full of the obligation secured by a deed of trust or judgment lien, a settlement agent or title insurance company intending to release a deed of trust or judgment lien pursuant to this subsection shall deliver to the lien creditor by certified mail or commercial overnight delivery ...
