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Maverick, Lawyer
Category: Real Estate Law
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Experience:  20 years professional experience
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Is there a legal time limit that a bank has to respond to a

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Is there a legal time limit that a bank has to respond to a request for demand for payoff.
I am trying to buy a house, I have deposited $50,000 in escrow my 30 day loan commitment expired yesterday.. it was extended for 10 days at the cost of $850 the seller hopefully will pay.
The escrow officer says the hold up is the bank (Chase) has not given them the demand for payoff that they need to payoff the sellers mortgage.

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The trustee in charge of the seller's trust in which the property is held will need to go to a local Chase bank branch and find out what the deal is. He should be able to get a payoff amount in person if he takes the documents showing that he is the trustee along with proper identification.


If that does not work, he will need to send a certified letter telling Chase that if they fail to give a payoff or fail to tell him what he additional steps he needs to take to get a payoff by xyz date, that there cost be escrow fees and costs associated with their delay for which they will be held liable.



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Customer: replied 5 years ago.
So there is no legal time line for a bank to respond to a payoff demand?


Under section 5(b)(1) the bank has 21 days. Please see link above.

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