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Originally Posted by noles
My 2nd mortgage (HELOC) has been forgiven by Bank of America through a deal with the Dept. of Justice. I have not received my "Release of Lien" letter yet. I am selling my house and closing the end of December. I called the bank and they said the actual closing of the loan date was Oct. 6th and I should receive a letter within 90 days of this date, they informed me it should be "any day now." I checked my credit report and the 2nd mortgage is on the credit report as paid and closed with a balance of $0. My realtor says he cannot tell me an exact date for closing because we cannot close without the "Release of Lien" letter. Is this accurate? Won't the title company just pull up a title report and see that this 2nd loan is paid?
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The title company will most likely require a record-able, notarized Satisfaction of Mortgage from BOA before they will insure the title. Showing them that it is paid off will not suffice.