Partial Release of Property From Mortgage for Corporation - Illinois 2025

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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.
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.
A vendor take-back mortgage happens when the seller of the home extends a loan to the buyer for some portion of the sales price. The seller retains equity in the home and continues to own a percentage equal to the amount of loan until the vendor take-back mortgage is paid in full.
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.
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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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