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STATE OF ALASKA DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES PROJECT NAME: STATE PROJECT #: FEDERAL-AID PROJECT #: PARTIAL RELEASE OF MORTGAGE (Corporate/Partial Property) PARCEL #: UNIT #:
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What is partial release of mortgage?
Partial release of mortgage refers to the process of releasing a portion of the property from the mortgage loan. It allows the borrower to sell or transfer ownership of a specific part of the property without affecting the entire mortgage.
Who is required to file partial release of mortgage?
The borrower or property owner is required to file a partial release of mortgage when they intend to sell or transfer ownership of a specific part of the property that is mortgaged.
How to fill out partial release of mortgage?
To fill out a partial release of mortgage, you need to include information such as the borrower's name, property address, mortgage loan account number, description of the portion being released, and any relevant legal documents. It is recommended to consult with a legal professional or mortgage lender for specific instructions and forms.
What is the purpose of partial release of mortgage?
The purpose of a partial release of mortgage is to allow the borrower or property owner to sell or transfer ownership of a specific portion of their property without being encumbered by the mortgage loan. It provides flexibility in property transactions, enabling the release of a portion of the property from the mortgage lien.
What information must be reported on partial release of mortgage?
The partial release of mortgage should include details such as the borrower's name, property address, mortgage loan account number, legal description of the portion being released, reason for the release, and any additional supporting documentation required by the lender or relevant authorities.
Where do I find partial release of mortgage?
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