All Forum Posts by: Rachel Zhang

I am selling a property which I have held for over a year. The majority of this period was used to evict the nonpaying tenant. We do have a judgement against the tenant over this. Can i use the proceeds to buy 1031 exchange property? Does the property have to have a rental history for two years? Could I be under the risk as a "dealer"   The QI said that it depends on my CPA's opinion.  I am confused. Thanks for anyone 's input and advise. 

Hi all, 

I have good news to report. Finally the payoff amount is received with the help of all your inputs and civil code etc. Seterus Inc is a division of IBM and I googled and found the contact in the upper management and email her/him and got it sort out in 24 hours! 

After the payoff with my own fund, I will  do a cash- out refi with a new lender. The reason why the new lender can not payoff the existing lien is that the lien has NOT been paid during last 12 months.  My title company will issue a title insurance for the new loan upon the reconveyance being recorded. It may take a while. What can I or the service company or the title co do to not let the reconveyance recoding get in the way? If the service company issues a letter indicating that the lien is paid off, can title company use it as a proof to issue the title insurance? The refi usually takes 30 to 40 days, Usually by that time, the reconveyance should be recorded. Right? I do not want to run out of the rate lock window. After all, it will be a smaller issue compared with the payoff demand.

Thanks again, everyone for staying with me with your comments, recommendations, especially @Dion Depaoli, @K. Marie Poe @Brian burke

@ K. Marie Poe, 

Thanks so much! That's a great question for lender. The people working in payoff dept. need more education on subject to payoff. 

@ Jon Holdman and @ Ron Scribner, 

Thanks for all your comments. 

I agree with Jon, that I am the owner and the 2nd on longer exists, since I bought it out. 

The new service company said that they got the TDOS, and my payoff request and will fax the info to me in 10 days. I knew that I bid the 2nd lien at that time, but I liked the idea of leverage.  In reality, the simpler the structure, the better.  

@Brian Burke  It makes sense. 

But the Service company mistook me as the lien holder and called to see whether we should work something out. Clearly they have not get their acts together, Otherwise I would get the payoff easily.  Shall I play their game against them? Even through I just want to get the payoff and move on... 

@ Brian Burke   

Thank you so much for your generosity and your time to offer me such detailed help. And thanks to @Jay Hinrichs and @David C for your comments!  I will look into all of your suggestions and come up with a plan. Just hearing that you have been there helps me tremendously, realizing that I am not alone. I am grateful that I belong to such a high caliber of investors and I am grateful that we are all parts of the biggerpockets community.

I know for sure that forced insurance, late payment penalty etc are all added to the pay off amount. What items can I ask (or at least try) to remove from payoff ? I have been trying to reach them for a while ...The original loan was with BofA, recently sold to Seterus. Usually what kind of discount does a bank sell it for?  Can I ask for a discount of the payoff? 

@ Ron Scribner, this time, I do double check my spelling and grammar as best as I can before I send out. Feel free to be my critic :-) I know your kind intention and I strive to reach higher standard. 

Thanks again. Rachel

Ron, 

Thanks for your advice and honesty. 

The errors in grammar and spelling reflected my mind of the moment when the post was written, turbulent and out of focus.  Sorry about that.  Your point is well taken.  

Paul, 

Thank you so much! Clearly you have walked through the steps. 

We have purchased the property a while ago. And I have my title company pull a title report showing we are the owner and there is an existing lien, just as what we have expected.  

The loan initially was with BofA, and in April it is sold to Seterus ( They are a loan service company). Even through I have the BofA loan #. But I do not have the new loan number. 

I have tried many times, occasionally someone understands, and agrees that Trustee's deed works as an authorization. But this person may not be in the right dept. to provide me with the info. Yes, I was told by the collection dept to send a written request.  I am not sure that this will go anywhere, since they already have my faxed doc and request for payoff. 

I will connect with you privately as well

Rachel

Steve, 

Thanks! Hopefully @K. Marie Poe will read this and others will comment as well. 

We bought a property in CA at a trustee sale with an existing senior lien under the previous owner's name. Now my title company and I are having difficulty in obtaining payoff amount. By standard, the serve company requires the lien holder's SS /loan # or authorization to release payoff.  Even through I faxed over the trustee's deed upon sale, the reps won't understand or do not care, always give me the standard response. Shall I try different title company? By law, the trustee's deed upon sale should serve as an authorization to release information. Right? Are there any specific language in the mortgage or the law to indicate such? This loan is delinquent, and I am offering to pay it off. where wont' they give to me?  Thanks for your response. Rachel