Looking to sell or refinance your home, but there’s a UCC-1 fixture lien showing up on your property’s title? Don’t stress—the Best Egg Secured Loan can be paid off through the closing process when selling or refinancing your home if there are sufficient proceeds.
Advise your lender to contact Best Egg at loanservicing@bestegg.com to request a payoff quote and to confirm the loan will be paid in full using the proceeds of the sale or loan. Once your final loan payment has been made and your loan has been paid in full a minimum of 10 days, the lien removal process will begin.
Simply take these steps:
- Let your mortgage lender know your secured loan must be paid in full to terminate the lien against the fixtures in the home, and that the lien isn’t on the home itself.
- Ask your lender to request a payoff quote from Best Egg by emailing loanservicing@bestegg.com to confirm payoff amount of the loan.
- Advise your lender we’ll need them to provide us with a borrower’s authorization form signed by you, allowing us to provide them with the payoff information.
We’ll submit a termination statement to the county to begin the lien removal process 10 days after your final payment has been made and your loan has been paid in full (granted there are no additional open secured loans with us). It’s then up to the county and their timeframe to process the lien termination.
FAQS
What’s the difference between Best Egg’s secured loan and a home equity loan?
While home equity loans use your entire home as collateral, the Best Egg Secured Loan only uses the fixtures in your home—items like built-in cabinets, light fixtures, and vanities. This helps avoid the risk of foreclosure associated with home equity loans and allows you to access our lowest rates and fast funding.* The application process is hassle-free, with no appraisals, receipts, or extensive paperwork required.
Can I sell or refinance my home with a UCC-1 fixture lien attached?
If you sell your home, you’ll be required to pay off your loan in full. Also, any buyer or mortgage lender will usually require the lien to be satisfied and terminated at or before the closing. The Best Egg Secured Loan must be paid in full for us to terminate the lien and can be paid with the sale or loan proceeds when selling or refinancing the home, if there are sufficient proceeds available. Once your final payment has been made and your loan is paid off ten days, we’ll begin the lien termination process.
Can I pay off my secured loan with the sale of my home?
Yes, the lien can be paid using sale proceeds of the home if there are sufficient sale proceeds.
I am selling or refinancing my home. Who does my lender contact to obtain a payoff quote so the UCC-1 lien can be paid off and terminated?
The loan must be paid in full before we will terminate the lien. Once your final payment has been made and your loan is paid off ten days, we’ll begin the lien termination process. Please advise your lender to contact Best Egg at loanservicing@bestegg.com to request a payoff quote and confirm the loan will be paid off with the sale or refinancing proceeds. You can also access your 30-day payoff quote in your Best Egg account under “Documents.” Advise your lender we’ll need them to provide us with a borrower’s authorization form signed by you, allowing us to provide them with the payoff information.
For more information about secured loans, check out our FAQs.
*About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days.