what is a agreement and a release of a mortgage
The Agreement. The mortgage agreement is a contract made between the lending bank, called the mortgagee, and the borrower, called the mortgagor. This agreement states that the borrower receives the funds she needs to purchase the home while the lender receives a lien to the property.
A Mortgage Release is an alternative to foreclosure and should be considered if: 1  You are ineligible to refinance or modify your mortgage. 2  You are facing a long-term hardship. 3  You are behind on your mortgage payments or will fall behind in the near future. 4  You owe more on your home than itâs worth.