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.
Fulton Georgia Partial Release or Satisfaction of Mortgage by a Corporation refers to a legal document that signifies the release or satisfaction of a portion of a mortgage loan by a corporation in Fulton County, Georgia. This process typically occurs when a borrower has made partial payments or has met certain obligations agreed upon with the mortgage lender. A Fulton Georgia Partial Release or Satisfaction of Mortgage by a Corporation is crucial as it helps clarify the status of the mortgage loan and provides evidence that a specific portion of the property or property collateral is no longer encumbered by the mortgage. This release or satisfaction allows the property owner to exercise their rights and make decisions concerning the released portion without any mortgage-related restrictions. Keywords: Fulton Georgia, Partial Release, Satisfaction of Mortgage, Corporation, legal document, mortgage loan, borrower, Fulton County, property, property collateral, encumbered, release, satisfaction, restrictions. Types of Fulton Georgia Partial Release or Satisfaction of Mortgage by a Corporation: 1. Voluntary Partial Mortgage Release: In this scenario, the borrower and the mortgage lender willingly agree to release a portion of the mortgage. This often happens when the borrower has made substantial payments or when the value of the property has significantly increased, warranting a partial release. 2. Default-Related Partial Mortgage Release: In the case of borrower default, the mortgage lender may opt to release a portion of the mortgage to facilitate the sale of a particular property segment or to allow the borrower to refinance the remaining mortgage amount. 3. Construction or Development Partial Mortgage Release: For construction or development projects, a partial mortgage release may be implemented once specific phases or predetermined milestones of the project have been completed. This allows the property developer or corporation to sell or secure additional financing based on the released portion. 4. Parcel Release: A parcel release occurs when a corporation or borrower owns multiple parcels of land tied to a single mortgage. In such cases, a partial release can be executed for specific parcels while keeping the mortgage intact for the remaining ones. Keywords: Voluntary Partial Mortgage Release, Default-Related Partial Mortgage Release, Construction or Development Partial Mortgage Release, Parcel Release, borrower default, property segment, refinance, construction project, development projects, milestones, multiple parcels. In Fulton County, Georgia, a Partial Release or Satisfaction of Mortgage by a Corporation can take several forms, depending on the circumstances and agreements made between the borrower and mortgage lender. It is necessary to consult legal professionals to ensure compliance with local regulations and to handle the documentation accurately.
