Subject To (previous owner's mortgage)

[Maxwell Lee]

Hi, I am wondering what is the proper way to close out a mortgage on a home we acquired subject to. We purchased the property a number of years ago, the loan has actually since been sold to a different lender, and we will pay it off elatively soon. 

Ever since the new lender took over, things have become very cumbersome (the person named on the loan is MIA, so many years later it's no surprise...now we can't access online accounts and must do all payments and correspondence via mail). I have spoken to an agent at the mortgage company once and was told they've never seen a situation like this and they are not authorized to speak with me about this mortgage. 

So does anyone know if there's anything we can do regarding paying off this loan. I do not mind being forced to pay it off immediately, the main concern is the escrow being forfeited if it needs to be a check in the name of the borrower. Any ideas? Thanks!

[Joe Splitrock]

Quote from @Maxwell Lee:

Hi, I am wondering what is the proper way to close out a mortgage on a home we acquired subject to. We purchased the property a number of years ago, the loan has actually since been sold to a different lender, and we will pay it off elatively soon. 

Ever since the new lender took over, things have become very cumbersome (the person named on the loan is MIA, so many years later it's no surprise...now we can't access online accounts and must do all payments and correspondence via mail). I have spoken to an agent at the mortgage company once and was told they've never seen a situation like this and they are not authorized to speak with me about this mortgage. 

So does anyone know if there's anything we can do regarding paying off this loan. I do not mind being forced to pay it off immediately, the main concern is the escrow being forfeited if it needs to be a check in the name of the borrower. Any ideas? Thanks!

 I have not dealt with this situation, but I have paid off or refinanced many mortgages. I believe they calculate the escrow into the payoff. I have gotten checks after closing, but generally small amounts of money that were the result of a miscalculated pay off. As far as getting the pay off amount, when refinancing my lender has called to get that. I don't believe we had to give any special authorization. They just sent the pay off to the old mortgage company to settle it, without my involvement. @Bill B. any thing to add based on your experience?