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Click ‘Get Form’ to open it in the editor.
Begin by filling in the 'Prepared by and after Recording Return to' section. Enter your name, firm/company, address, city, state, zip code, and phone number.
Locate the 'Assessor’s Property Tax Parcel/Account Number' field and input the relevant property tax information.
In the 'PARTIAL RELEASE FROM MORTGAGE' section, provide the name of the individual releasing the mortgage and the date of the original mortgage.
Fill in details about the mortgagor(s) and mortgagee, including their names and any recorded document numbers.
Attach a legal description of the property as Exhibit A. Ensure this is accurately referenced in your document.
Complete any applicable sections regarding assignments of the mortgage if necessary.
Sign and date the document at the bottom. Ensure that all required fields are filled out before finalizing.

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What reasons would an equity release be refused?

Equity Release products can be refused for several reasons, the most common are: Failing a credit check. Not holding enough equity in the property. The property not being suitable for the lender.

Can you sell a portion of your property if you have a mortgage?

Yes, you can sell or subdivide part of your land if you have a mortgage if the borrower obtains a partial release of mortgage from the bank. When you take out a loan, the property is collateral or security for the loan. By selling a piece of your land, you are reducing the collateral for the bank.

What is needed for a partial release of mortgage?

A partial release allows the release of a portion of the collateral from a mortgage after the borrower has paid down a certain amount of the loan. Lenders require proof of payment, a survey map, an appraisal, and a letter outlining the reason for the partial release.

Is a partial release difficult?

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 a partial release on a mortgage?

When the mortgage is paid off a new document is filed with the government office and it is called a discharge. If only part of the mortgage is paid off a document called a partial discharge can be filed and it releases that part referred to as paid off.