How do I payoff a mortgage on a property I bought at auction?

2 Replies

Once I receive title do I just walk into a Bank of America branch with the title and ask how much it owes and write a check? Does anybody have any experience with this? Anything I should lookout for? Pitfalls? BTW, it's Florida. Thanks so much in advance for any and all help!!!

A little more info would help.
Did you buy at a second mtg or HOA foreclosure?
If there is a superior mtg, I would start with their Loss Mitigation dept., assuming the mtg is in default.
You have a right to the pay off amount as a Successor In Interest.
Don’t expect it to be quick. Maybe your local branch manager can point you in the right direction.
A loan # would help, but not necessary.

Thanks Wayne for the reply. It was an HOA foreclosure through the county. I ran title prior to bidding and it showed a mortgage was taken out in the early 90's and I saw he paid a small amount for the condo back then so I assume the mortgage is for that small amount. That was the only thing that showed on the title search. All taxes have been paid and no other liens exist.

When you say don't expect it to be quick, any idea how long?  I assume all banks are different but between a week and 2 months?