Private lender not providing payoff - Posted by tallguy

Real Estate Investing Real Estate Financing
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Posted by tallguy on June 07, 2007 at 13:06:12:

Yes, we’ve sent a certified letter. Also the title company has made contact with the seller. All to no avail. I guess we ‘go to the mattresses’.

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Private lender not providing payoff - Posted by tallguy

Posted by tallguy on June 07, 2007 at 06:51:55:

Hi All,

I have a contract to purchase a lot from some folks. They are still paying on the lot with a private lender. The private lender refuses to provide a payoff. (The lender plainly told me that if she can get the property back, she can sell it for much more than the current payoff.)

And the title company will not close without one. (I also don’t want to take title subject to an undisclosed payoff) What can I do to get a payoff? We’ve sent a certified letter demanding the payoff figure but no response.

Any suggestions and ideas are appreciated. Thanks!

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Re: Private lender not providing payoff - Posted by IB (NJ)

Posted by IB (NJ) on June 07, 2007 at 08:01:21:

My thoughts would be to have an attorney contact the lender and let them know that he/she will file suit if they don’t do what they are legally required to do and provide the payoff.

Is the property under foreclosure? Do you have proof in writing (i.e. certified letter?) that you requested the payoff figures?

Ib