Posted by Monica Radulescu on 6/7/06 12:48am
Msg #124463

Paid off bills.

If a customer wants to know what bills are being paid off and for what amount, witch document would you find this information on?

Reply by Anonymous on 6/7/06 1:47am
Msg #124469

Settlement Statement/Closing Instructions or seperate sheet listing bills being paid.

Reply by Anonymous on 6/7/06 2:02am
Msg #124470

Thanks for such a fast answer. I still don't understand the term of "bills paid off". I would appreciate if you could explain what that means. Is this about amounts of money that have to be paid in order for loan to close?

Reply by Lee/AR on 6/7/06 8:07am
Msg #124506

Oh, good grief. You're right, Ernest. Sigh...

Reply by Ernest__CT on 6/7/06 6:30am
Msg #124498

(sigh) Sounds like another test question. n/m

Reply by ruru_CA on 6/7/06 8:49am
Msg #124508

(HUD) settlement statement & settlement charges- these documents conttain fees and payoffs

Reply by SharonMN on 6/7/06 11:18am
Msg #124535

Dear Anon 75:

"Paid off bills" means the bills that will be paid as part of the settlement process. For example, Mr. Borrower refinances his mortgage for debt consolidation purposes. His old mortgage was $100K, and he has an existing car loan for $15K and a credit card balance of $5K. His new loan, the one you are helping him sign, is $125K and pays off all three existing loans as well as the closing costs associated with the new loan. After the loan closes, he only has one loan to make payments on - the new one.

People on this board tend to get really cranky when you ask basic questions. I suggest starting with your notary laws and a book from the library on real estate lending 101 - then ask here if there's something you don't understand.