Partial Claim Payoff
I recently reinstated a loan in foreclosure and took possession of the home. I now have a buyer for the property and we close Feb. 11th2005. I am aware that a $12K 'partial claim' was instituted at some point last year, and that it also must be paid off.
When speaking to the lender, they act as if it doesn't exist, how/where does the payoff go?
My attorney is unsure. I have read that the payoff is made to HUD, an address in Tulsa OK, I have also read that the payoff is the responsibility of the 1st lender, and that they are the ones who handle the payoff. Help???
With the address being a P.O. Box and if the box is listed to a business you can request the contact information for the postal authorities.
The following search tools can help as well
Qwest Dex
www.qwestdex.com
Google
www.google.com
With google place, the PO Box number City, state, and you may find a listing.
Search Bug
www.searchbug.com
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Thanks for your timely response John.
Yes the title report shows it as a subordinate mortgage in the amount of $12189
Joe,
Since it is a lien against the property the title company or attorney handling the escrow will payoff the party who placed the lien against the property.
It would seem pretty obvious that whomever placed the lien on the property would have contact information as to where the proceeds would go to payoff the lien. The payoff is the responsibility of whoever is taking title to the property if they want free and clear title, in this case you.
Not actually seeing who placed the lien on the property it still is against the property and must be dealt with, so it does not make sense to me that it is the responsibility of the lender to pay this lien off.
John $Cash$ Locke
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thank you again John
The 'escrow company' is my attorney. And he is unsure, but we are both researching. I have a copy of the mortgage/lein itself, and the only contact info is the the 1st mortgage holder, but, the HUD is mentioned, in the first few paragraphs, and a P.O. Box. address is given.
But it just doesn't seem right to me to just send them a check for the balance owed. Phone contact would seem necessary to ensure the proper amount of payoff and that a release will be given.
Plus, my attorney's only solution is to hold 1.5 the amount in escrow until it is paid, and that is my proceeds from the sale!!!
I understand everything, but I guess I was just wondering if you had any personal experience in this type of a situation.
Thanks
Joe
Joe,
I would start here:
http://www.hud.gov/
A few e-mails or phone calls will tract this down to see where the money goes.
John $Cash$ Lcoke
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