Listen: Dollar Bank, Suzie, SAM discussed on Dollar Bank Mortgage Hour
"Was paid in full from dollar Bank, and we have a, letter, saying, that the that the. The loan has been paid, in full and it the satisfaction. Of mortgage are released from deed is in the process of being prepared we'll. Be sent to the county of record. Does that mean that It will be a lean on our property until we get, that released from, the from the county. Is that correct I mean technically yes but but at the same time. It's a it's been filed as being paid off so Suzie get that released from the county I mean. The the lien is from the Bank in the lane would be zero so technically. It is there but it's it's verified that. It's been paid off So yeah so I mean I guess officially once that gets processed through and yeah. You'll get your? Mortgage why, ask the, question, is we're in our my wife and, I run our eighties and we're contemplating. Selling our homing and moving on and just. Wondered whether, we did this and unless you know next month or two would we. Be subject to the you, know up penalty or property no not at all What would happen, I mean, first of all it? Doesn't, take that long I sold a property not too long ago and I think it took about three or four weeks to get. The the, mortgage paid off, loan in the mail and That seems somewhere around there but by the time. You saw it would be off the record anyway but what, they will, do in the title exam they'll pick up the fact, that the the loan has been satisfied they just want to see it satisfied of record and we you know we support documentation if there's a short window of time but there's clearly evidence. That the loan? Is. Paid off, and it's just a matter of, technicality of getting banks letter that's important for, us to have the as confirmed that that's taking place is that correct absolutely so theoretically if somebody came to Pat tomorrow And said we want to buy the house and we want to give you cash for it right then he has all the documents in his. Hand right now? In. Order to, facilitate that transaction yes he does Yeah And it was just that if the buyer is, concerned whether or not he paid the mortgage, offer not if you were paying cash and getting a title insurance policy tiling, Sam the title insurance, company but then turn around and verify that's been paid off and we have backed back transactions happening all the time and. That so that's scenario it's easily covered and recognize that that loan is paid. Off and even occasionally we'll get a. Fine you, know we'll do a mortgage on a property and find a alone that wasn't paid off eighteen years. Ago it was paid, off but it wasn't satisfied with the public. Record and so the title company does a little bit of searching to make sure that it really was paid off and and try to create a. Satisfaction but this will happen relatively quickly compared to the timeframe of selling your. Property. Okay pen should have no. Problem Thank you thank. You very much for calling in and when you. Were saying back to back this happens all the time right the house and let's say you still owe one hundred fifty thousand. Dollars, in the, house but, you're selling it to go buy something else well you have to have that, debt settled in order to be able to transfer, it over to. Somebody else right yeah yeah for example let's say you're selling your house and paying off the loan, you buying another house and you're doing it the same day and that person, has a mortgage they're, paying there's none of that satisfied with the courthouse at this at that point in time I mean by the time the. Paperwork goes through I mean you know but but that's what that's what the. Title companies really they're the attorneys that. Close the, transaction they're there to facilitate all of that so they're the ones that will I know it's paid. Off because I'm doing, it so that's really what it's about the. The verification of that has been paid off if you've paid it off on your own sometimes for example that letter that's why that exists to show. Anybody that that if if it crosses over I mean it's highly unlikely that. It. Will crossover but it would Then you'd have documentation and you could certainly speak up the phone and, call us and we would verify that the the. Loan, has been satisfied dollar Bank you've been around seemingly forever hundred and sixty three years in this month but, at? The, same. Time you, are out in front when it comes to interest rates but. Also technology to I mean you you have a system set up to where if one wants to they. Can go online and complete the entire application process right there online correct yes do. It all, online you sign all of your disclosures. Electronially but, you can, do, the complete."