Foreclosure in 55116>Question Details

Nicki, Home Buyer in Saint Paul, MN

How long does it usually take for Fidelity to return a Satisfaction of Mortgage letter to a title company?

Asked by Nicki, Saint Paul, MN Mon Apr 20, 2009

We're buying a foreclosure. We've been in escrow almost 60 days; our close date is Friday. The people who owned the house before the previous owners had taken out a second mortgage on the house, and that is still on the title. The mortgage is owned by Fidelity. They were given our file 2 weeks ago, and now we have to wait until they send a Satisfaction of Mortgage letter in order to clear that mortgage off the title.

Today we learned that Fidelity told the title agent to stop calling them, to only contact them through email, and they would respond if they had something to say. They are taking care of files on a first come, first serve basis, and that they will not say how many files are ahead of ours or even a idea of how long it might take. They apparently were very rude about it. We're all very stressed and worried that closing might be delayed by weeks or months. Does anyone have any experience with this or know how long Fidelity usually takes to issue these letters?

Thanks! :)

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These companies are probably swamped; pay attention to the form of communications they will accept. Pressure in any other medium may result in a "fall of position" in the stack of files awaiting decisions or action. It is a very frustratiing aspect of our current real estate transactions so far as foreclosure is concerned. This need for Satisfaction of Title, Quit Claims and other similar documents; it is just that right now the use of technology, email, and the volume of queries and paper work have changed the process. Not too many years ago most things were sent by overnight mail or FedEx or DHL. Today there is no DHL, many documents are sent and filed using email. Practice patience and be sure you have a place to stay while in a holding your breath mode. We all can recall horror stories, but I like to think we can focus on the positive and cultivate the possible. Liz, 612-986-4105.
1 vote Thank Flag Link Mon Apr 20, 2009
I've heard multiple stories of 2 weeks to a month but given the surge in foreclosures, it's hard to know what their current timeline is. The human factors involved are impossible to forecast so you're just going to have to be patient and check in with your closer, agent and LO. There are other ways to clear clouded title but those take time as well. Oftentimes this stuff comes together at the last second but make sure you have a backup plan in case it doesn't.
1 vote Thank Flag Link Mon Apr 20, 2009
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