Washington Partial Release of Mortgage (also known as a 'deed of reconveyance') is a legal document that releases a portion of the mortgage debt that is secured by a piece of real property in the state of Washington. It is commonly used when a borrower has paid off part of their mortgage loan, such as when a borrower refinances their mortgage. The document must be signed by both the borrower and the lender, and recorded with the county recorder's office. There are two types of Washington Partial Release of Mortgage: Partial Release of Mortgage for Refinancing and Partial Release of Mortgage for Partial Payment. The Partial Release of Mortgage for Refinancing is used when a borrower is refinancing their mortgage loan, while the Partial Release of Mortgage for Partial Payment is used when a borrower is making a partial payment on their mortgage loan.
Washington Partial Release of Mortgage
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FAQ
A partial release of a mortgage is a method of splitting up a piece of property that is currently under a mortgage lien. The request is that the bank officially remove the lien from part of the property, while retaining the lien that secures the remaining mortgage on the rest of the property.
In Washington, a Deed of Trust is the most commonly used instrument to secure a loan. Foreclosure can be done non-judicially, saving time and expense.
So normally with a blanket mortgage you will have what is called a partial release clause that allows each property to be released from the blanket mortgage as sold.
Partial Release Example A commercial banking lender issues a $2 million loan to a group of developers located on a residential subdivision. The developers use the funds to get a subdivision map, commence improvements (curbs, gutters, water, power, etc.) and to advertise the 100 homes.
Partial Release Clause is a provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. It's frequently found in tract development construction loans.
A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.
