
Partial Release of Property from Mortgage by Individual Holder Kentucky Form


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People also ask
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Which type of mortgage would typically contain a partial release clause?
Final answer: A partial release clause is typically found in a blanket mortgage. This type of mortgage covers multiple properties, and the clause would allow for the release of certain properties upon payment of a specified amount.
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When can the purchaser of a Kentucky foreclosed property possess the property?
Under Kentucky law, the new owner from the foreclosure sale gets the right to possess the property after giving the former owner ten days' notice. Then, the purchaser can get a writ of possession from the court.
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What is a deed in lieu of foreclosure in Kentucky?
A deed in lieu of foreclosure only means you automatically and immediately lose possession of the home. A deed in lieu will not normally be accepted when there are other liens against the home or a second mortgage. Rather, each lien and mortgage has to agree to release their lien.
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What is a partial discharge of a mortgage?
What is a partial discharge? A partial discharge occurs when you have more than one property securing your home loan facility and you want to release or sell one or more, leaving the facility open.
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What is a partial release on 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.
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What is the partial release clause of a blanket 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. It's frequently found in tract development construction loans.
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What does a partial release of lien mean?
A partial lien release allows you to make the sale without first fulfilling all your mortgage payments. There are various other reasons why a partial lien release might be necessary. You might need to grant a utility company access to part of your land, or you may want to partition your real estate.
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