Alabama Mortgage Forms Package

ALABAMA MORTGAGE FORMS PACKAGE

©2016 - U.S. Legal Forms, Inc.

Control Number: AL-012-CP-PKG

USLEGALFORMS.COM

U.S. Legal Forms™ thanks you for your purchase of a Mortgage Forms Package. This package contains essential legal documents needed for obtaining a mortgage and enforcing the procedures and terms of the mortgage.

TABLE OF CONTENTS

1. Form List with descriptions
2. Descriptions of Forms
3. Tips on Completing the Forms
4. Disclaimer

I. FORM LIST

With your Mortgage Forms package, you will find the state specific forms that will help you in establishing and maintaining a mortgage.

Included in your package are the following forms:

1. Mortgage
2. Promissory Note
3. Assignment of Mortgage
4. Corporate Satisfaction Mortgage
5. Individual Satisfaction Mortgage
6. Subordination Agreement
7. Notice of Mortgage Foreclosure Sale
8. Mortgage Foreclosure Deed
9. Deed in Lieu of Foreclosure

II. DESCRIPTIONS OF FORMS

Brief descriptions of the forms contained in your U.S. Legal Forms™ Mortgage Forms Package are found below.

Mortgage – This form contains the details and duties of each party when obtaining a mortgage for real property. This form must be signed before a Notary Public, stating that all covenants and agreements are understood with respect to the mortgage contract.

Promissory Note – This form is a written promise to pay a debt. It is an unconditional promise to pay, on demand or at a fixed or determined future time, a particular sum of money to, or to the order of, a specified person or to the bearer.

Assignment of Mortgage - This form assigns the conveyance of a title to property for the payment of a debt. This form specifies the terms of the transfer and the loan of the transaction. It is available in Word and Wordperfect formats.

Corporate Satisfaction Mortgage – This form is used to release a corporation from a mortgage once full payment of the debt secured by the mortgage has bee paid. This form is available in Word and Wordperfect formats.

Individual Satisfaction Mortgage – This form is used to release an individual from a mortgage once full payment of the debt secured by the mortgage has bee paid. This form is available in Word and Wordperfect formats.

Subordination Agreement – This form is a subordination agreement which puts a debt or claim which has priority in a lower position behind another debt, particularly a new loan. It is a contract in which a junior creditor agrees that its claims against a debtor will not be paid until all senior indebtedness of the debtor is repaid.

Notice of Mortgage Foreclosure Sale – This form is a notice to terminate a mortgagor's interest in property to force a sale in order to satisfy the unpaid debt secured by the property. This form is available in Word and Wordperfect formats.

Mortgage Foreclosure Deed – This form is a deed that is used when a mortgage loan is in default and the sale of the mortgaged property is performed in order to satisfy the unpaid debt. This form is available in Word and Wordperfect formats.

Deed in Lieu of Foreclosure - This form is used as a method for a lienholder of property to avoid a lengthy and expensive foreclosure process. With a deed in lieu of foreclosure, a foreclosing lienholder agrees to have the ownership interest transferred to the bank/lienholder as payment in full. The debtor simply deeds the property to the bank as a substitute for foreclosure.

If you need additional information, please visit www.uslegalforms.com and look up forms by subject matter. You may also wish to visit our legal definitions page at http://www.uslegalforms.com/lawdigest/legal-definitions/legal-definitions-alpha.htm

IV. TIPS ON COMPLETING THE FORMS

The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (".pdf" format). “Form fields” facilitate completion of the forms using your computer. They do not limit your ability to print the form “in blank” and complete with a typewriter or by hand.

It is also helpful to be able to see the location of the form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open the Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded letter "a". Click this button and the form fields will be visible.

By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner.

V. DISCLAIMER

These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the subject state. All information and Forms are subject to this Disclaimer:

All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney.

THESE MATERIALS ARE PROVIDED "AS IS" WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL U.S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OR PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.