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Bill S.
Pro Member
  • Rental Property Investor
  • Denver, CO
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Help - Private mortgage holder will not provide payoff amount to title

Bill S.
Pro Member
  • Rental Property Investor
  • Denver, CO
ModeratorPosted Sep 15 2014, 14:19

I have a wholesale deal about to fall apart. The seller's mortgage is a private mortgage (1st only) with an old RE agent who is 93. I have the property under contract and it's a good deal (not a great deal) and the mortgage holder (old RE Agent) doesn't want to be paid off. He is refusing to provide title with a pay-off amount. There is no prepayment penalty in the note and it is a strict due on transfer note. I have a copies of both the note and the Deed of Trust. My closing is Thursday so in 3 days. My buyer is saying they are going to walk and want their earnest money back because we can't get a payoff. They have said they will close if they get a payoff. Any suggestions about how to keep the deal together?

Thanks.

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