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time frame for lender to release lien?

Posted by warren smith on November 8, 2010 at 7:50am in Short Sale Discussions
I'm having some difficulty in getting Wells Fargo to release a lien on a property purchased almost a month ago.  We have a buyer in wait, but he can't purchase and go forward with lending until the title shows the lien is released.  

How long should this process take?  Is there any legal basis we can reference to expedite the process?    What wording has anyone used in the past to get successful quick resolution?

Thanks.

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Replies

  • warren smith November 8, 2010 at 11:52am
    Thanks Jeff.

    Yes, using the same title company, so I'll have a talk with them. As this is a re-sale, I want to have that done ASAP. I'll see what my broker, title agent and the buyer's lender are willing to do.
  • Jeff Payne November 8, 2010 at 11:33am
    Warren, I have seen the actual release of mortgage paperwork take up to 90 days to get recorded locally. Are you closing the file with the same title company? As long as they issued title insurance you should be able to close.
  • warren smith November 8, 2010 at 10:13am
    Title company has been calling, not getting anywhere. My negotiator has been hard at it with calls too - he's gotten the furthest so far. I'm feeling that the lack of "no flip" wording is being taken care of by slow internal workings that will force us to hold for 30 days!
  • Wendy Rulnick November 8, 2010 at 9:45am
    I'd suggest getting the title agent or closing attorney to take care of this for you.
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