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What type of mortgage has a partial release clause?

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. Its frequently found in tract development construction loans.

What is a partial release of a mortgage?

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.

What type of loan usually has a partial release clause?

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. Its frequently found in tract development construction loans.

How long does a mortgage release take?

In most cases, the lien holder (the lender in this case) should send the release to be recorded within 30-90 days.

What does it mean to release mortgage?

What is a Mortgage Release? A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.

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