Home Loans and Support

BOA-Letter of Satisfaction and Lien Release

Discussion in 'Bank of America Mortgage Help' started by mowatt1981, Jul 22, 2011.

  1. mowatt1981

    mowatt1981 LoanSafe Member

    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.
  2. Cat Damiano

    Cat Damiano Mortgage Wars

  3. HopingtoFind

    HopingtoFind LoanSafe Member

    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?
  4. TomEason

    TomEason LoanSafe Guide Staff Member

    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.

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