I have a deal with a great potential profit. The property has been vacant for a few years, and the seller is highly motivated. Title came back with a lein for $65k from the original mortgage company. The seller informs me the mortgage has been paid off. Come to find out the mortgage company sold the lein to another company, who sold the lein again. The seller has proof the mortgage is been paid off, but as you know all the title company wants is a release of lein. Is there a way we can get a release? Or is the deal dead and she will be stuck with the property?
have the owner or title company get in contact with the last lien holder to obtain a copy of the lien release. Should be pretty simple if that is truely the case. Good luck!
I have had this experience before, sometimes the release of the deed of trust has yet to be filed. Have the seller provide the docs regarding the payoff to the closer/ Title Company. They in turn should request a release of deed of trust from them and then record it. As long as the seller is being honest regarding the payoff then this shouldn't be a deal killer. Cheers!
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