Pay Off on a Duplex - Posted by bill

Real Estate Investing Duplexes
1

Posted by GL - ON on April 10, 2003 at 12:43:10:

Many times a mortgage holder will give you a discount for paying off early. They do this because it is worth it to have the cash in the hand.

Write to her saying that you expect to be coming into some money soon and were thinking of paying off the mortgage. Ask how much of a discount she would give you for cash.

Then you will have to give her a check and she will give you a Discharge of Mortgage. This is a document that to take to the courthouse and register,to prove that the mortgage is paid.

If you are not familiar with this you might need a title company or lawyer to handle it for you.

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Pay Off on a Duplex - Posted by bill

Posted by bill on April 10, 2003 at 12:30:52:

Bought a duplex from a Seller some years ago and want to pay it off. We have a mortgage payment schedule we both received from the lawyer many years ago and I would like to pay off the amount to the Seller because I just refinanced and have some cash to pay this higher interest rate mortgage. What is the procedure for paying off this mortgage to the Seller. What do I need to get from her to assure that everything is O.K. once I send her a check for the full amount of the payoff?

Thank you.