[Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Loan Service's Name] [Loan Service's Address] [City, State, Zip Code] Subject: Request for Payoff Balance of Mortgage — Account [Loan Number] Dear [LoaServiceer's Name], I hope this letter finds you well. I am writing to request the current payoff balance for my mortgage account [Loan Number]. As a resident of the District of Columbia, I am looking to settle the outstanding balance on my mortgage in full. I am considering paying off my mortgage early, and it is essential for me to accurately determine the exact amount required to clear the debt. Therefore, I kindly request you to provide a detailed breakdown of the payoff balance, including all applicable charges and fees up to the anticipated date of full payment. Please ensure that the payoff balance includes the following key components: 1. Principal Balance: The outstanding principal amount of the mortgage loan, which represents the original amount borrowed. 2. Interest Accrued: Any accrued interest on the principal balance since the last payment made or as per the terms of the loan agreement. 3. Escrow Balance: If applicable, the balance in the escrow account, which covers property taxes, insurance, and other related costs. 4. Late Fees and Penalties: Any outstanding late fees or penalties incurred due to missed or delayed payments. 5. Prepayment Penalty (if any): If my mortgage agreement includes any prepayment penalty provision, please include this amount as well. 6. Other Applicable Charges: Any additional charges, such as inspection fees, title search fees, or legal fees, that may apply to the payoff process. To ensure accurate processing of my request, please provide the payoff balance in writing within [specify a reasonable timeframe, e.g., 7 or 10 business days] from the date of this letter. You can send the payoff statement and any other necessary documents via email or physical mail using the contact details provided above. I understand that settling my mortgage may involve further steps, such as coordinating the release of the lien or obtaining a satisfaction of mortgage document. Therefore, I kindly request your guidance on the appropriate procedures to complete the payoff process successfully. If you have any questions or require additional information, please feel free to contact me at the provided phone number or email address. I appreciate your cooperation and prompt attention to this matter. Thank you for your assistance. Sincerely, [Your Name]
District of Columbia Sample Letter Requesting Payoff Balance of Mortgage
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How to fill out District Of Columbia Sample Letter Requesting Payoff Balance Of Mortgage?
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FAQ
A payoff statement for a mortgage, sometimes referred to as a payoff letter, is a document that details the exact amount of money needed to fully pay off your mortgage loan. The payoff amount isn't just your outstanding balance; it also encompasses any interest you owe and potential fees your lender might charge.
Lenders can also send you a payoff letter after you have finished paying off a loan. This letter serves as confirmation that your loan has been repaid in full, and your account has been closed. It's most often requested so that customers can prove to other lenders that they have no other outstanding debts.
There's a process to getting the mortgage payoff statement. First, you'll need to contact your lender and let them know you want the information. Depending on your lender, you may have to sign in to an online account, call a helpline, or send a formal letter to start the request process.
Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions.
Include all relevant information in the payoff letter, including: Include the name of the loan or mortgage holder. Include the loan or mortgage number. Include the payment amount. Include the date you plan to make the payment. Include your name and address. Include your contact information.
You can find information on property records by contacting your local Secretary of State or county recorder of deeds. After you pay off your mortgage, your lender should also return the original note to you. You can also contact the company that paid off your loan to find out if the lien was released.
Key Takeaways A payoff letter is a document that provides detailed instructions on how to pay off a loan. If you have the funds to pay off an installment loan early, request a payoff letter from your lender. It tells you the amount due, where to send the money, how to pay, and any additional charges due.
A deed of reconveyance is a document that indicates you've fully paid off the mortgage on your home. It represents the transfer of ownership from your mortgage lender to you. Over the time you repaid your mortgage, you legally owned the property, but the lender held the mortgage lien, or claim, to it.
