Posted by Erick on October 06, 2004 at 21:37:32:
How long can a refinance company…do you mean the new lender??? Well…they don’t hold the funds. The escrow agent or title company receives the funds from the new lender and the escrow agent makes sure the right funds go in the right directions.
Though, from the last part of your question it sounds to me that maybe you’re talking about getting a payoff amount b/c you say something about the payoff being in negotiations.
The new lender should be very interested in getting the exact payoff amount so they will have clear superiority in the chain of title. Oftentimes, the amount paid to the original lender is too much and you as the borrower will need to seek reimbursement from the old lender. I believe there is a legal limit for how long they can keep your money. Is it 30 days? before they have to cut a check?