lien release

[Kurt S]

We have a buyer for our mobile home but he will only purchase the home if he can get a lien release on the home at the same time as he gives over the money. We have talked to the mortgage company and they cannot release it quicker than 21 days. The home is in oklahoma and the mortgage company is in Tennessee. Is it unreasonable to expect to get the lien release the same day that we payoff the loan.

[rmurray]

No but..Vanderbilt and 21st are very picky about the way they do business...I might suggest that you or your buyer use an attorney and set up an escrow account and let him take care of details...

[Kurt S]

Is 21st mortgage considered reputable?

[rmurray]

Yes...but caytion is always called for...Be sure you get a payoff in writing from them....the principle balance on a payment coupon is not the payoff of the loan..Glad you sold your home..the buyer is being prudent...

[Kurt S]

How would a lawyer help out? We have called 21st mortgage and they will not budge and keep repeating that they cannot release the lien in less than 21 days. Unfortunately if we cannot sell the house unlease we get the lien release and judging by the buyer the lien release needs to be the same 5 minute span that he relinquishes his cashiers check.

Once again how can a lawyer help out?

[rmurray]

Thought that that would satisfy your buyers fears...All he is afraid of is you not paying off their home..It is common for attorneys to close deal..set up escrow accounts governed by your state laws and payoff and loans and acquire lien releases........If he went to buy a new home he could nor walk out of the office with a title...Even cashiers checks can be forged the lender will handle just like any other check...One of the biggest scams out there now is faudulent cashier checks and money orders.....

[Kurt S]

Well we lost the sale. We have been trying for 2.5 years to sell the house and finally had a buyer. The buyer backed out because we couldn't get the lien release the same day. This is incredibly depressing.

[rmurray]

This is probably not a legitamate buyer....Maybe one of those bad cashier checks...Crooks do insist on unusual terms to be able to cash our quick....