Posted by Alex-NY on 7/18/05 8:05pm
Msg #52990
Request to satisfy
Just received closing documents and first document says "Request to Satisfy" and goes like this I,__________1______________________, hereby direct that______2_____________ close and satisfy the existing mortgage in my name and file the appropriate...............
Obligor___________________
Obligor_____________________
Could you help me to fill out 1 and 2?
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Reply by Becca/FL on 7/18/05 10:38pm
Msg #53008
Re: Alex - FYI
It just dawned on me that this might be a letter prepared by the existing mtg. co. and if so, 2) would be the mtg co and not Title.
Who drew the doc? Is it a Title doc or a doc from the existing note holder? I have seen TCs draw docs like this, but have also seen letters like this attached to estopples on existing HELOCs being closed out.
Can you be more specific? I do not want to lead you in the wrong direction.
Again, check with the company that hired you to make sure you are having the doc executed correctly.
Sometimes, the existing note holder will charge the recording fee for a stisfaction in the p/o and send the recorded sat. to the TC or the borrower AND other times, they will not charge a fee and send the un-recorded sat to the borrower or TC to record. I know many TCs that charge the sat fee and don't pay attention to the estopple. Even $6-$10 adds up quickly when you multiply it by the hundreds. Cha-Ching!
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