Hello,

We have a third party who has purchased a property through the foreclosure of a junior lien. The sale was subject to all other liens and mortgages.

We now have the successful bidder calling the bank to ask what is needed to pay us off and have our mortgage discharged.

The question at hand is how do we provide this information without running afoul of disclosure regs?

Any help would be appreciated,

Jesse Tedora

You can provide them with a payoff figure without divulging the account number. The names of the mortgagors are already public record. I don't see a problem here.

Thanks,

I seem to recall some carve out in Dodd Frank that allowed senior mortgagors to release balances to junior mortgagors but I can not find it.

Any chance you can point me in that direction also?

Thanks,

I seem to recall some carve out in Dodd Frank that allowed senior mortgagors to release balances to junior mortgagors but I can not find it.

Any chance you can point me in that direction also?