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Lydia Said:

Records from Title Company?

We Answered:

First, keep in mind that there's a difference between paying off a credit line and closing the line. You can pay off the line, and still keep it open for future use. Your title company should have written to the bank that held your credit line for a Payoff Statement. The statement shows the amount it will take to payoff the loan, the fees associated with the payoff and what the requirements are for satisfactorily paying the loan in full. Also, for a credit line, they should have had you to approve the statement and sign it as your approval to close the line entirely. Your signed statement should have gone back to the lender with the payoff check.

Call your lender and explain to them what happened. Ask them what you need to do in order to completely close the line. They may send a form to you or simply ask you to send a written request. Be sure to document who you've spoken to as well as dates and times. Find out approximately what the time frame is for getting the line closed once you've done what they've asked, and be sure to follow up.

FYI, if the satisfaction is from the first lien holder, that doesn't mean anything to your bank other than the first lien has been paid in full. I'm curious to know what they threatened you with . The fact is the loan has been paid, you don't owe them any money. If you can stay calm and patient, this really is an easy fix. Email me if you have more questions.