Partial Release of Property From Mortgage by Individual Holder - Illinois 2025

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The document is a legal form for the Partial Satisfaction of Mortgage under the Illinois Mortgage Act. It outlines the process for releasing a portion of a mortgage while keeping the remaining mortgage in effect. The document includes sections for identifying the parties involved, property details, and requires notarization to validate the release.
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Lenders require proof of payment, a survey map, an appraisal, and a letter outlining the reason for the partial release. Borrowers may need to pay fees to the lender and the county recorders office.
What is a partial lien release? This is when a lender releases their lien on part of your property. This is in place of a full release, which usually only happens once youve paid off your mortgage completely.
A partial release is a legal process that allows a homeowner to remove a portion of their property from the lien of their mortgage. This can be necessary when subdividing land, selling off a lot, or making specific property changes that require releasing a portion of the land from the mortgage.
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.
Partial repayment of a mortgage is a procedure which returns a portion of the outstanding principal that the bank lent to us, thereby reducing or repaying the debt. There is also complete repayments, where one repays all of the debt and thus repays the mortgage early.

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People also ask

Partial discharge: Request to release one of the securities on an AMP Loan where there are multiple properties held as security for the loan. Substitution of security: Request to replace an existing security with another security.

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