Unfortunately most of you are missing the underlying issue.  A mortgage is merely the posting collateral for a loan.  The loan is thereby a "secured" loan as opposed to an "unsecured" or personal loan.   The debt is evidence by the Note and the collateral is evidenced by the Mortgage.  You can have a loan without a mortgage but you can't have a mortgage without a loan (Note).  You can release the collateral (the mortgage) without releasing the underlying debt (loan/Note).  It merely changes a secured loan into an unsecured loan.

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