You need to consult with an attorney or title company that can perform title research to determine the entity that acquired the lender's interest in the mortgage.
"How Can I Negotiate With My Second Mortgage Lender to Take a Small Lump Sum Payoff" is an article available on the SFGate Home Guides section which explains in detail how to do just that.
You can find this on any lender's page. Depending on who you have the mortgage with, you can easily find a calculator on their site to do the calculations easily.
Mortgage Payoff Calculator How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule and how much you can save on your mortgage.
If there is a lien on the title to the property, it would have to be satisfied for the seller to give "good and marketable title" to the buyer. I have never heard of a situation where a payoff could not be obtained and anyone was okay with it so I don't think the sellers can "dismiss the mortgage" under an circumstances.
If you have a mortgage account then there will be a mortgage payoff calculator for you to use to determine what the early payoff quote would be. I would try that.
Your lender should have a "Payoff" or "Reconveyance" department that can process your pay off and the removal of the lien from title.
You can find an excellent mortgage payoff calculator at Bankrate's website. Their mortgage payoff calculator lets you add the number of years reaming in your mortgage along with letting you add the mortgage amount as well as the annual interest rate. These are just some of the features that are offered in there mortgage payoff calculator.
Talk to the lender about this.
You can get it from your lender, or you can try one of the online payoff calculators like the link below will show you.
You will then have one mortgage and not two.
Bank of America Mortgage Payoff Phone Number: 1.800.763.1255
Usually the best place to start is with your existing lender, but today most mortgages are bundled and sold to investors so they cannot be modified. The debtor has to refinance the loan. With a refinanced loan, you get a lower interest rate but you start with a new loan payoff date as well.