Quote:
Originally Posted by pauldun170
Last time I had a leinholder it was stamped on the title.
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Huh??? Of course the lienholder is on the title. The state puts it there, and the lender keeps it. They only stamp it when the title is released.
Quote:
Originally Posted by jtemple
Good idea. But, the bank won't give me the title on the spot. The loan is through Navy Federal Credit Union. They don't store the titles at their branch offices. It takes a week or two to get it in the mail upon payoff. I'd still be happy to go to the branch office with the buyer to show them that their money is indeed paying off the loan.
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That's a good idea. That way the buyer can give the banker his forwarding information. Now you come to an even trickier situation if the buyer is borrowing. If that is the case, the two bankers need to talk and coordinate the transaction.