Partial Release of Security on a Mortgaged Property
Release a Portion of the Security on a Mortgaged Property
Arvest may consider requests for partial releases as long as they meet the investor’s guidelines.
Steps in processing a partial release:
- Contact Arvest at (800) 232-5524 with the following information:
- Loan number
- Borrower name
- Reason for request for partial release and cash considerations
- The borrower will need to furnish the following (at their expense)
- Appraisal Disclosure – This disclosure is provided by Arvest and will need to be signed by the borrower. It informs the borrower that a new appraisal is required. The new appraisal must include the full value of the property prior to release and the value of the remaining property after the release. Arvest must order the new appraisal and payment is required along with the signed appraisal prior to order.
- Survey – Borrower will need to obtain a survey including the location of all improvements on the remaining property, an outline of the property to be released and the property to be retained, and a new legal description for both the remaining and released properties.
- Application for Release of Security – This application is provided by Arvest and will need to be completed and signed by the borrower.
- The investor and/or Arvest may require additional information and documentation.
NOTE: Arvest will fully review all submitted documentation. However, Arvest does not guarantee that upon receipt of the above required documents, a partial release will be approved.