What’s Important to Know about Mortgage/Loan when Selling a Home?
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If you’re selling your house and you have a mortgage on it or you have equity loan, we’re going to be asking you for that information at the onset. My office is going to send you out a seller’s information letter, and in that seller’s information letter, it’s going to set for the documentation that we want, remind you that we need information from you and the most important of those documents or information is going to be that involving the mortgage and the home equity loan, we need to know the mortgage company, the account number, the address, so we ask you to provide us with the last statement you’ve received from them because it will have all of that information on it; same with regarding the home equity loan. And then what will happen, when I know the deal is about to close, we’re going to contact the lender and the home equity company and we’re going to make certain that we get pay-off statements.
Those pay off statements are going to set for the amount due, the interest, and we’re going to calculate that so we can make certain that when we close, we are able to send the money to the bank to pay off the mortgage. Mortgage gets paid off, the mortgage company, usually within 30 days is going to issue a satisfaction or discharge of mortgage, and we make certain that, that of course is filed in the area county of the clerk’s office. The buyer of the property needs to know that information also and we follow up with the purchaser’s attorney to make certain that, that information is sent to the buyer’s attorney so that they’re informed too.
This informational blog post was brought to you by Randy H. Gugino, an experienced Buffalo Real Estate Lawyer.
