To request a Partial Release, please provide the following:
- Letter from the homeowner requesting a partial release and stating the intention (sale of parcel, gift of parcel, land swap, etc). If the intention is to sell the parcel being released, this letter should also include a copy of the Purchase and Sales Agreement for the parcel to be released/sold (proceeds of the sale may be required to reduce the current outstanding mortgage balance).
- A survey or sketch of the property, including the parcel being released and the remaining parcel that is being retained by the homeowner. This should also show the location of all existing buildings, including the primary home.
- Proposed legal description of the property to be released
- $200 pre-paid non-refundable fee should be included with the package and is assessed regardless of Gorham Savings Bank’s agreement to the proposed partial release. Additional fees may be required during the release process (new appraisal, additional legal work, etc).
Request a secure upload link via email: firstname.lastname@example.org
Gorham Savings Bank
Attn: Loan Underwriting
10 Wentworth Drive
Gorham, Maine 04038
Turn around time may take up to 30 days once all the above information is received.