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Mortgage Lender Payoff Statement
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Five Cent Nickel has started the countdown until the sale of his current house is complete and there is one important tip (the only one I know because I’ve never sold but I did close out a second mortgage), which his agent probably already told him, that he needs to do. When you’re going to pay off a mortgage, request from your mortgage lender an official payoff statement.
The payoff statement is how much you owe at the end of the month including the interest accrued in that month. It is required as a part of closing out your loan from most lenders. If you pay off the statement before the end of the month, whatever interest you overpaid will be refunded to you. Requesting a payoff statement typically comes with a nominal fee (doesn’t everything?).
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As a previous bank employee, I will tell you that a mortgage payoff usually has to be requested in writing as your signature is required. The bank often has at least a 24-hour turn-around time on processing your request so don’t wait until the last minute. Also, any payments you made may or may not be reflected on the payoff statement so in your request, be sure to mention the date of your last payment so the bank can be sure to process the payment BEFORE the payoff. Also, it is of paramount importance to have your own payoff statement at closing so you can double-check the facts and figures on the paperwork.
~fm
I hace a Loan the Servicer is Loan Servicing Group in San Diego CA. Now my Principal Balance is under $7.00 but they want to charge me $175.00 in “Other Fees”. Basically they are BLACKMAILING ME TO PAY OF MY LOAN. I think this is Usurius and am calling the Feds in the morning.
what do you do when the mortgage company will not give you a pay off statement .
I have wauited 6 month s and keep sending the request and they will not comply ?
what can I do ?