WHAT ARE THE NEXT STEPS?
Your next step is to give notice of your intent to defease the loan to the Servicer, as required in your loan documents. Loan documents typically require the borrower to give notice within 60 to 90 days of your projected closing date. The Servicer will then require various up-front deposits be paid. Once these have occurred, the Servicer will engage its outside counsel to commence the defeasance process with the various parties.
Waterstone Defeasance will coordinate this initial communication on your behalf, ensuring the process gets out of the gates smoothly. Contact us today to discuss your Next Steps in more detail.