My sister and I inherited from our father a property loan supported by a lien on the property. The borrower and property owner is a friend of my sister’s and someone whose intentions we trust. She has been paying off the loan per schedule, but now she wants to pay off the whole thing. I was contacted by a title company and asked to send the original of the note, the deed of trust, and the request for reconveyance. I did this, by certified mail, and received the return receipt, so I know they got it.
After that I sent them a request for an estimate of how long the process might take, which they never answered. It has been about a month now. I realize that is probably not long enough, but how long on average should this sort of thing take? I should add that the reason she is able to pay the loan back is that she sold part of the land to a 3rd party, so apparently they are involved in this payoff transaction. Maybe what is going on is something like escrow, where (to quote a comic I heard once) they have my money, and I have patience?
And was I a fool for just sending them the originals of those documents (I didn’t see any way around it, since I live 600 miles away from them)?