A payoff is paying the entire loan off thereby paying the contractual obligation in full so that the lender releases its lien.Yes, I did pay the fees and overdue balance to make the loan current and I started making the payments.

It is my understanding (which is limited mind you) that I would need an authorization to release information form from the seller so that I could obtain a reinstatement quote/letter from the seller's lender.

Thanks for all the great content you guys have released.

Perhaps she will default to the $250 scenario but in any case she needs to be released as 1) she hasn't done any damage to your place and 2)  you don't want a disgruntled tenant that will cause you unimaginable problems in the future.

My solution is to delay releasing 5% of funds for these 20 units until we have an agreed upon plan for resolution.

If you've already got one and they constantly complain, tell them they're welcome to leave and you'll re-lease property.  

Hi Kelly,I'll definitely look into getting more information from the seller.The only issue I can think of in this regard is that I probably won't be considered a "serious" buyer and that may interfere with the seller's openness to releasing information.

We are afraid that we sign the new release and the current renter fails to leave. 

Ive done about 40 sub2'sIve always kept the insurance in the persons name on the property.Sent a letter of auth 2 release to insurance company.sometimes along with POA.Ive added my llc or trust as additional insured.Ive kept the policy in place and have had another one drawn up with my ins company as well in my LLC or trust.

It will be released at the time of sale to offset other income at ordinary rates. 3.