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The original wrap usually mirrors the underlying loan. When you pay off the underlying loan, there is a release of lien sent to the title company who will record it. At that time, the title company will also file a release of lien showing that your wrap is paid off. The seller is not needed for this.
First, I could argue to have a power of attorney so you have owner privileges with banks, etc. Just easier.
Second, if you pay off the lein, have them send YOU a satisfaction and YOU record it, then you know it’s done. Should be an issue. The originator doesn’t have to be in the picture, just the lender.
Jackie, I’ve had a few times when the lender did not send anything to anyone, until I asked for it, but was easy.
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