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question about satisfaction of mortgage
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femalej
LIF Adolescent
Member since 7/11 833 total posts
Name:
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question about satisfaction of mortgage
our sellers cant find one of their old satisfaction of mortgage that showed up in the title search. bank wont let us close until they receive it.
anyone deal with this before?
what can we do?
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Posted 7/26/13 5:22 PM  |
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Prudential Douglas Elliman Real Estate
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Domino
Always My Miracle
Member since 9/05 9924 total posts
Name:
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Re: question about satisfaction of mortgage
will they let you close with an escrow?
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| Posted 7/27/13 1:03 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: question about satisfaction of mortgage
Shouldn't the town have a copy?
They should be able to call the bank and get a copy?
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| Posted 7/27/13 5:43 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: question about satisfaction of mortgage
Posted by Domino
will they let you close with an escrow?
The bank prob won't allow it...they wont technically have a first mortgage position if there is an outstanding mortgage.
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| Posted 7/27/13 5:43 AM |
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babycakes18
LIF Adult
Member since 4/09 1281 total posts
Name:
Dani
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Re: question about satisfaction of mortgage
Their attorney needs to contact the prior mortgage company and request a duplicate satisfaction. It may take a while. Do you know which bank it is?
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| Posted 7/27/13 8:31 AM |
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babycakes18
LIF Adult
Member since 4/09 1281 total posts
Name:
Dani
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Re: question about satisfaction of mortgage
Posted by Domino
will they let you close with an escrow?
The title company would probably want to hold 2 times the value of the loan. No seller would be OK with that.
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| Posted 7/27/13 8:32 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: question about satisfaction of mortgage
this is becoming a problem more and more right now
title companies have gone out of business
bank have gone out of business
loans have been sold over and over
I am dealing with this on a short sale- we have been waiting for the orginal file for about 6 weeks now (orginal bank is no longer in business- waiting a hard copy of the actual file)
if the bank and title company are still in business it shouldn't be that long of a process
good luck
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| Posted 7/28/13 10:31 AM |
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