Recent Answers to Mortgage Law Questions
Can a lender require me to pay off my existing mortgage in full before refinancing?
Mortgage
Mortgage Agreement (OLD)
Texas
I am currently considering refinancing my mortgage to take advantage of lower interest rates. However, I recently received a letter from my potential lender stating that I must pay off my existing mortgage in full before they will approve the refinance. This requirement caught me off guard as I was under the impression that refinancing involves transferring the balance from my current mortgage to the new loan. I am wondering if this is a common practice among lenders and if it is legal for them to demand full repayment of my existing mortgage before refinancing.
Phillip Z.
Typically, you pay off your existing mortgage at the closing for the refinanced mortgage. At closing, some of the funds from the new loan are used to pay off your old loan. This ensures that the existing mortgage is fully settled and the latest mortgage takes it's place.
Need a letter stating that loan is closed to sell house
Mortgage
Mortgage Loan Agreement
Michigan
Took out home equity loan in 2007 with Morgan Stanley fell into hard times and couldn’t finish paying it now I’m trying to take care of it because I’m trying to sell the house
David H.
Hello, my name is David. I am a licensed attorney in Michigan. Was the loan discharged or was the house foreclosed on? They should have sent a letter. However I think I can help find the right group in the bank and get a letter explaining what happened. You may also want to look at your credit they may have the phone number and information there so you can reach out to Morgan Stanley. This is something I can help you with that would take a couple of hours, but I can't be certain until I look into it a little bit more & gather more information from you. Thank you for the opportunity to respond to your question. Attorney Dave.
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