505 East Jackson Street-Suite 303 - Tampa, Florida 33602
Phone: (813) 387-7724 - Fax: (813) 387-7727
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505 East Jackson Street-Suite 303 - Tampa, Florida 33602 Phone: (813) 387-7724 - Fax: (813) 387-7727
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Knowledge Is Key To Buying and Selling Real Estate By Attorney Miriam L. Sumpter Richard
THE PROBLEM OF OBTAINING PAYOFF ON MORTGAGES BEING FORECLOSED UPON Of particular concern to the buyer are payoffs being provided by outside foreclosure counsel on behalf of a lender The holder of a mortgage is required upon request to deliver a payoff letter to a mortgagor. Unfortunately, the lenders has included what we call “wiggle room” on payoffs. The typical language is . . . The amounts listed may change after the date of this letter due to a variety of reasons. For example, the foreclosure fees and costs may contain amounts that have been estimated so that these figures would be immediately provide to you . . . The result, it is hard to obtain a satisfaction, because the payoffs may be short. Remember this problem and anticipate this problem, by obtaining updates at the time of closing.
For More Information Contact: Tel:
(813) 387-7724
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