Can anybody tell me if there is a time limit on how long a lender can procrastinate on providing a loan payoff? This is NOT A SHORT SALE!
I posted a blog: http://activerain.com/blogsview/1368775/lender-refuses-to-give-a-payoff- with the details of the situation but it quickly got buried past a lot of other posts. Time is of the essence on this deal and the lender seems more interested in pursuing foreclosure than collected every penny of what they are owed.
Hi Debbie, there is a time limit and I believe it is either 14 or 21 days for a written demand letter.
This can also vary by state. Call your local settlement provider or title company they should be able to give you the exact time for a lender to respond to a Demand letter in AK.
With everything lenders are being scrutinized for now, you'd think this would not be something they would play around with.
Hello, Bill -
They are a federally regulated bank, so my state officials cannot help. I have to go through the OCC. If there is a time limit, nobody seems to be able to find the statute. Most banks provide this within a few days, if not instantly.
Alexandria - I'm hoping that the letters I sent to my congressman and senators do a little good.
Confusion beyond comprehension of their goals is one way to describe what I'm thinking.
I agree with Bill, there are some guidelines. I would have escalated and did it in writing -- that usually gets things rolling.
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