BOA-Letter of Satisfaction and Lien Release

[mowatt1981]

I am in need of help. Here is my story, I have a 2nd morgage with BOA that was transferred from First Franklin. This account has been deliquent since 2006 and was/is charged or paid off(according to BOA). I am currently finanlizing a short sale and BOA can't find information about my loan for me to close. Last week they sent me a "letter of satisfaction" and it said my loan is paid off and thay there is a zero balance, but it didn't say anything about a lien release. Does this mean they are going to send me a lien release as well? I emailed the President's office and is waiting for a response.

[Cat Damiano]

You may want to ask this question in the following thread as I believe there was another member who was asking the same.

Strategy for Settling Your 2nd

[HopingtoFind]

I am in need of help. Here is my story, I have a 2nd morgage with BOA that was transferred from First Franklin. This account has been deliquent since 2006 and was/is charged or paid off(according to BOA). I am currently finanlizing a short sale and BOA can't find information about my loan for me to close. Last week they sent me a "letter of satisfaction" and it said my loan is paid off and thay there is a zero balance, but it didn't say anything about a lien release. Does this mean they are going to send me a lien release as well? I emailed the President's office and is waiting for a response.

Charge off and Paid off are two very different things. I would contact a title company and let them do a title search to determine what really happened with your 2nd before agreeing or signing anything with the lender.
Would you even need to do a Short sale if you didn't have a 2nd on the property?

[TomEason]

I am in need of help. Here is my story, I have a 2nd morgage with BOA that was transferred from First Franklin. This account has been deliquent since 2006 and was/is charged or paid off(according to BOA). I am currently finanlizing a short sale and BOA can't find information about my loan for me to close. Last week they sent me a "letter of satisfaction" and it said my loan is paid off and thay there is a zero balance, but it didn't say anything about a lien release. Does this mean they are going to send me a lien release as well? I emailed the President's office and is waiting for a response.

mowatt1981

Thanks for your post. I'm not sure what you mean by "finalizing a short sale." If that means you have an accpted purchase offer from a buyer, and the transaction is in escrow, then a preliminary title report is run and any liens will show up on that report.

However, if you don't yet have a buyer, you might, as HopingtoFind suggests, get a title company to run a title search on your property. Good luck.