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Home > Your Mortgage > Partial Release Requirements

Partial Release Requirements

In order for HomEq to consider your request for partial release, the following items must be received:

  1. $250.00 non-refundable review fee.
  2. Written request signed by all individuals signed on the original Deed of Trust/Mortgage indicating reason for request.
  3. Survey map verifying the portion of property to be retained by HomEq, as well as the portion to be released and the legal description of both portions. A new survey is not required if the secured property for the above-referenced account is already subdivided and documented as an individual parcel in the legal description as noted on the original Deed of Trust/Mortgage.
  4. A current appraisal (no more than six months old) verifying the current value of the property to be retained.
  5. All payments must be current with no delinquencies in the past twelve (12) months.
  6. Value after release must not cause the new "Loan to Value Ratio" to exceed the original "Loan to Value Ratio ".
  7. A new or updated title report verifying all liens currently recorded against the property. HomEq must be provided with a guaranty amount no less than the current principal balance.
  8. A copy of any compensation agreement verifying compensation, if any, being paid to borrower.
  9. Should HomEq approve the partial release of its lien, all costs associated with the partial release, including but not limited to the cost of updating HomEq lender’s policy of title insurance will be the responsibility of the borrower. These costs are in addition to the $250.00 review fee.
  10. The partial release process can take from a minimum of two weeks to six weeks, depending on information provided. Please be sure to allow for this timeframe.

The $250.00 review fee must be received in advance along with the written partial release request and all required documents listed above. The $250.00 fee is to compensate HomEq for the cost of reviewing the partial release request. The fee is deemed earned upon receipt and is not refundable should the partial release request ultimately be denied.

Should you have any questions regarding this matter, please contact HomEq’s Customer Service Department by calling (877) 867-7378, 5:00am to 5:30pm, PT, Monday through Friday.

 

Send the complete request package to:

HomEq Servicing
Attn: Subordination Dept. - CA3505
4837 Watt Avenue
North Highlands CA 95660
FAXED REQUESTS WILL NOT BE ACCEPTED