Partial Release of Property From Mortgage for Corporation - Massachusetts 2025

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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.
Massachusetts laws Outlines prohibited activities in debt collection. Securing debt with liens on personal property. The statute of limitations for consumer-related debt is six years.
In order to make public notification that you have paid your mortgage off, you need to bring the original Discharge of Mortgage provided by the bank to the registry of deeds along with either cash or a check in the amount of $105.00. The Registry will record the Discharge and return it to you immediately.
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 release of mortgage, commonly known as a discharge of mortgage, is a legal document issued by the lender acknowledging that the mortgage debt is settled. It effectively releases the property from the lien, allowing homeowners clear ownership.
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(a)(1) A mortgagee, mortgage servicer or note holder who receives full payment and satisfaction of the conditions of a mortgage shall, within 45 days of receipt of payment, (i) cause to be recorded a duly executed and acknowledged discharge that conforms with subsection (b) and provide to the closing attorney,
A release completely frees you from the rights held by your financial institution once your mortgage is fully paid off. On the other hand, a discharge only partially relieves you from the claims your creditor has on your property.

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