Seller financed payoff
I am the seller who financed a property to the buyer five years ago. We signed a promissory note and mortgage.The mortgage was recorded. The borrower reliably made monthly payments.
The borrower has refinanced and the title company sent a payoff check after I provided the pay off amount Without going through an escrow officer. Weird.
I know now that I should release the lien on the property and provide a canceled promissory note and mortgage but I am not sure to whom and how. What should I do and how?
Hi, Richard, and thank you very much for the question.
I imagine that the title company will be happy to provide you with a lien release to sign and documentation to cancel your promissory note. Now that your buyer has refinanced the property, they will surely want to see those issues resolved so there is no confusion later on.
If you haven’t heard anything from the title company that provided your payoff check, you might follow-up with them so they can get you what you need.
Hope this helps!
You must be logged in to reply to this topic.
Not signed in?
Sign in to participate on our website!
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.