Dallas/Fort Worth Real Estate Investor Club

Paying off a real estate note

  • 12 Apr 2018 7:08 AM
    Message # 6096238

    A number of years ago, I did an owner finance for a couple... The have recently contacted me desiring to pay off the note___ what is the standard procedure to accomplish this ?

  • 12 Apr 2018 10:40 AM
    Reply # 6096514 on 6096238
    I have only financed one loan and it is still active. I would have the same title company that drafted the DOT also draft and record the lien RELEASE and then provide them with an ESCRO statement and refund any balance in their ESCRO account. Also, I would go ahead and give them a 1098 for mortgage interest now and be finished. If you are listed on the insurance policy then I think it is their responsibility to have you removed, but if you want to be nice then maybe send their insurance agent a copy of the release to let them know that you no longer have any security interest in the property.

    Last modified: 12 Apr 2018 10:48 AM | rockne ardoyno

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