A Day Late and a Dollar Short: A Mortgagee’s Obligations and Best Practices Upon Receipt of Short Loan Payoff Funds
By EsqSocial Corporation 03/04/25
In the ever-evolving world of mortgage lending, a scenario often arises where a borrower refinances their existing mortgage with a new lender, but the payoff funds tendered by the new lender are less than the full amount necessary to satisfy the existing lender’s mortgage loan. This situation raises crucial questions for lenders: How should short payoff funds be handled?...
By: Stark & Stark