Paying off a Mortgage: Attorney Needed?

Our coop has a very small mortgage that is going to mature in a few months and the owners have decided to just pay it off rather than going through all the fees and nonsense involved with financing (environmental, legal, appraisal, lawyers for both sides, title insurance etc, etc.) Do we need an attorney to ‘close’ (i.e. payoff) the mortgage. One thing that comes to mind is making sure the bank records the payoff so it doesn’t appear that we still owe money forever. Thanks in advance for your answer(s).

ejalbk

in Legal 10 years and 3 months ago

3

Please log in, in order to post replies!

3 replies

Newest Oldest

argentina | 10 years and 3 months ago

string(1) "1"
object(WP_User)#4915 (8) {
  ["data"]=>
  object(stdClass)#4888 (12) {
    ["ID"]=>
    string(5) "10775"
    ["user_login"]=>
    string(9) "argentina"
    ["user_pass"]=>
    string(34) "$P$BnUyN8B5BcW5ifkWSgVmPrb37lrVvh0"
    ["user_nicename"]=>
    string(9) "argentina"
    ["user_email"]=>
    string(18) "lourdesb2@juno.com"
    ["user_url"]=>
    string(24) "/forums/users/argentina/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:14:47"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "argentina"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(10775)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Make sure you get the paperwork from the bank.THey have to send it to you by law within a certain time period…I think 45 days. IF not, they have to pay a fine. I just went through that. THe bank neglected to close out a HELOC and I discovered it when preparing to refinance.THey had to pay me $1500.00.

resident2 | 10 years and 3 months ago

string(1) "1"
object(WP_User)#4914 (8) {
  ["data"]=>
  object(stdClass)#4913 (12) {
    ["ID"]=>
    string(6) "181002"
    ["user_login"]=>
    string(9) "resident2"
    ["user_pass"]=>
    string(34) "$P$BYKCrEpDU34.3RJghRPk8/Xp1XpCve/"
    ["user_nicename"]=>
    string(9) "resident2"
    ["user_email"]=>
    string(21) "Jamanda1255@Yahoo.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:33"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "resident2"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(181002)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

“The Bank should handle the rest”. The Bank will issue a satisfaction and send it to the county clerks office to record against the property. They also send you a copy of the satisfaction. Keep it handy. For some reason the County Clerks office does not always get it straight or future title searches do not find it… then you have you will need the copy in your files.

no-permits | 10 years and 3 months ago

string(1) "1"
object(WP_User)#4910 (8) {
  ["data"]=>
  object(stdClass)#4916 (12) {
    ["ID"]=>
    string(6) "176811"
    ["user_login"]=>
    string(10) "no-permits"
    ["user_pass"]=>
    string(34) "$P$BQ0OH9Ih5gOlNPyiuMv52Zag/olDYr1"
    ["user_nicename"]=>
    string(10) "no-permits"
    ["user_email"]=>
    string(16) "c90027@gmail.com"
    ["user_url"]=>
    string(25) "/forums/users/no-permits/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:14:46"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(10) "no-permits"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176811)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

no attorney needed. get a payoff letter and send in a check. the bank should handle the rest.