Mortgage Payoff Statement on Subject-To?

Question

Hello,

How do you get a mortgage payoff statement when refinancing or selling a property acquired through a subject-to? What if the mortgage holder is not cooperating? Mortgage companies can not disclose information about the loan to anyone but the lien holder. Do you get a disclosure authorization upfront as part of the deal and leave the date blank?

Donald MacMillan · Answer

Account Closed, Just starting out and learning before I take the leap. Just thinking through some of the mechanics before making a terrible mistake. How do you add yourself to someone elses mortgage?

Account Closed · Answer

@Donald MacMillan cool.

You dont add yourself to the mortgage, but to the account. Do this: add a clause in your agreement that in order for you to pay them, they have to provide an updated mortage statement from the previous month. That will save you some headaches.

Also, just get their login info to access their mortgage online. This will save you you time as well.

Account Closed · Answer

@Donald MacMillan at the signing of the contract you have yr name listed to the account in order to access the info, or, like many people do. You just get the online account security information and check that way.

Question: why is seller not cooperating?

Donald MacMillan · Answer

But, it still doesnt solve the problem when trying to sell or refinance that your closing co, or new mortgage co needs a payoff statement from the company. Doesnt this usually come from signing a release?