Posted by John Merchant on August 05, 2004 at 08:34:07:
If it’s a “volunteer”, as defined by law, who, without being asked, just walks in and pays your mtg., then no, you’d have no obligattion to repay him/her.
But if Co.B buys your mtg from Co.A, you still have a mtg & until it’s fully paid, it’s going to stay on the property…and you only have to pay if you don’t want to lose the property by foreclosure.
There’s lots of business done between banks where Bank B will buy a jillion dollar portfolio of mtgs from Bank A, and I’ve had a couple of weird experiences where it’s been pretty difficult to FIND who’s got the mtg when I walked in to pay it off!
If a person assumes/is indebted to a mortgage, and someone else pays it off, are they required to pay the one who paid it off if they never asked or agreed for them to do so? EX: Buyer makes agreement with Mortgage company A…Mortgage Company B pays mortgage company A for my mortgage. Do I have to pay mortgage company B for my original mortgage when I never agreed to do business with them? Nor does it state anywhere in my contract that I authorized such action? How many times/people are going to pay for this home? Or do I simply send Mortgage Company B a Thank You card with my deepest gratitude at their thoughtfulness?