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Partial Release of Property From Mortgage for Corporation - Kentucky

Partial Release of Property From Mortgage for Corporation - Kentucky 2025

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The document is a legal instrument for a partial release from a mortgage, detailing the release of specific real property from an existing mortgage while maintaining the mortgage's validity on remaining properties. It includes sections for identification of parties, legal descriptions, and execution by authorized representatives.

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Click ‘Get Form’ to open the Partial Release of Property From Mortgage for Corporation - Kentucky in our editor.
Begin by filling in the 'Prepared by and after Recording Return to' section. Enter the name, firm/company, address, city, state, zip, and phone number.
Next, locate the 'Assessor’s Property Tax Parcel/Account Number' field and input the relevant property tax information.
In the main body of the form, specify the mortgage details including the date of mortgage execution and names of mortgagor(s) and mortgagee.
Attach a legal description of the property as Exhibit A. Ensure this is accurately referenced in the form.
Complete any applicable sections regarding assignment details if necessary. This includes dates and document numbers related to previous assignments.
Finally, have an authorized representative sign and date the document. Ensure that it is acknowledged before a notary public.

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What is a deed in lieu of foreclosure in Kentucky?

A deed-in-lieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the foreclosure process. A deed-in-lieu of foreclosure may help you avoid being personally liable for any amount remaining on the mortgage.

How does a partial release of a mortgage work?

Some examples include: The signing party being coerced into entering into the agreement. If the injury is not directly related to the parameters of the release clause. If the language used in the release clause is unclear, or otherwise open to interpretation, it may make it difficult for the contract to be enforceable.

What is a clause that releases a specific portion of a property from a mortgage upon full payment for that portion?

A Partial Release of Mortgage clause allows a borrower to have a specific portion of the mortgaged property released from the mortgage lien while the remainder stays as collateral for the loan.

What is the right of redemption foreclosure in Kentucky?

This 120-day preforeclosure period is a good time to apply for loss mitigation if you want to try to prevent a foreclosure. Under Kentucky law, the borrower gets six months to redeem the property if the home sells for less than two-thirds of its appraised value at the foreclosure sale.

What are the risks of using a release clause?

Every lender has different requirements for approving a partial release. Some may require additional payments to adjust the loan-to-value ratio, while others might need specific documentation or approvals. Always start by consulting your lender to understand their process.

What is the partial release clause of a 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. Its frequently found in tract development construction loans.

Partial Release of Property From Mortgage for Corporation - Kentucky 2025

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What is a deed in lieu of foreclosure in Kentucky?

How does a partial release of a mortgage work?

What is a clause that releases a specific portion of a property from a mortgage upon full payment for that portion?

What is the right of redemption foreclosure in Kentucky?

What are the risks of using a release clause?

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Partial Release of Property From Mortgage for Corporation - Kentucky 2025

Here's how it works

How to use or fill out Partial Release of Property From Mortgage for Corporation - Kentucky with DocHub

Complete this form in 5 minutes or less

Got questions?

What is a deed in lieu of foreclosure in Kentucky?

How does a partial release of a mortgage work?

What is a clause that releases a specific portion of a property from a mortgage upon full payment for that portion?

What is the right of redemption foreclosure in Kentucky?

What are the risks of using a release clause?

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