What do you do when a mortgage co will not release a payoff to close a refi?

More details will be helpful.


I work in the real estate and financing business.... Do you mean the bank that holds the note on a house that is being refinance?


Sometimes they take weeks, so they can make you wait a long time. 99% of the time is a matter of getting in the phone with the right person and make things happen. Usually is the job of the escrow officer and/or a dedicated real estate agent.


I can't think of any reason why the bank would not like to get paid off.What do you do when a mortgage co will not release a payoff to close a refi?
Be a pest!





Mortgage companies have the information for your payoff at their fingertips and can usually print it out for you within seconds. The problem is, the usually don't do this and tell you that there is a 3-5 day turn time that is non-negotiable. There is a reason for all this, when they get a payoff request, they know that you are in the market for a new loan. By delaying the delivery of the payoff statement, it gives them time to get your file over to a ';Customer for Life'; or ';Loan Retention Dept'; salesperson who will then reach out to you and try to sell you one of their own products.





If you don't want to hear additional options and are dead set on the lender you are already in process with, then call your present company and either work your way up the ladder by asking for supervisors/managers until you finally get someone who will get it over to you right away, or call every hour on the hour until you have it in your hands. Be as big a pest as possible..... squeeky wheel gets the grease right?





They only care that they get a shot at keeping you.... they will delay as long as possible to make sure they get that chance and they don't care that your lock is about to expire or that you are closing tomorrow.....What do you do when a mortgage co will not release a payoff to close a refi?
Which mortgage company?? that makes a difference. It usually helps if you call and request it. They move faster for the customer. They are supposed to give you a payoff within 5 business days of the request. You can also call a local offcie and see if you can make a friend. some banks can print that stuff on a branch level.
Yeah, you just have to stay on them. I mean, the deal can't go through W/O it. You just gotta keep calling up the ladder, until you get so high and piss someone off so much, that they kick it back down and demand that someone do it.





That's a tough one. But we've all been there. Good Luck
You need more details.





Yes, they will release it, they have to by law.





However, nothing in the law states that they have to give it to you the second you ask for it.





Title companies and real estate attorney's know how to get around the mortgage companies and get payoffs. I personally have never waited more than 3 days for a payoff and most banks give them to you within an hour of the request.