[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Loan Service's Name] [Loan Service's Address] [City, State, ZIP] Subject: Request for Payoff Balance of Mortgage Loan Dear [Loan Service's Name], I hope this letter finds you well. I am writing to request the payoff balance for my mortgage loan, which is currently being serviced by your institution. I would appreciate your assistance in providing the necessary information to settle the outstanding balance and receive a payoff statement. As a resident of Louisiana, it is essential for me to understand the exact amount required to pay off my mortgage loan in full. I kindly request that you supply me with an accurate and itemized breakdown of the payoff balance, including any applicable fees, interest charges, and potential prepayment penalties. Please consider this communication an official request, made in accordance with the provisions outlined in the Truth in Lending Act (TILL) and the Real Estate Settlement Procedures Act (RESP). I understand that a timely response is required within 5 business days as specified by federal regulations. To ensure the efficient processing of my request, I have provided the necessary details below: 1. Borrower Details: — Full Name: [Your Full Name— - Current Address: [Your Current Address] — Loan Account Number: [Your Loan Account Number] 2. Property Information: — Property Address: [Address of the Mortgaged Property] — Legal Description: [Legal Description of the Property, if available] 3. Preferred Payoff Date: — Please provide the anticipated date by which the payoff amount will be valid. 4. Delivery Method: — Please indicate the preferred delivery method for the payoff statement (e.g., mail, email, fax). I kindly request that you indicate any specific requirements or forms needed to finalize the payoff process. Additionally, if there are any outstanding conditions that need to be met for obtaining the payoff statement, kindly provide clear instructions in your response. I understand that there may be certain fees associated with obtaining the payoff statement, and I am prepared to provide payment promptly upon receiving your instructions. Please include details regarding the payment method and location to ensure a smooth transaction. Thank you for your prompt attention to this matter. If you require any further documentation or information, please do not hesitate to contact me using the provided contact information. I greatly appreciate your cooperation and look forward to receiving the necessary information to satisfy my mortgage obligation. Sincerely, [Your Name]
Louisiana Sample Letter Requesting Payoff Balance of Mortgage
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How to fill out Louisiana Sample Letter Requesting Payoff Balance Of Mortgage?
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FAQ
Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions.
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance. Your current balance might not reflect how much you actually have to pay to completely satisfy the loan.
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.
It's the exact sum of money needed to pay off your loan, and it's probably different from your current loan balance, as it may include interest and fees that you owe but have not yet paid. 2 What's more, some lenders may have certain penalties or fees associated with requesting a payoff statement.
When you want to sell your car and you still have an outstanding loan, the buyer will request a loan payoff statement. The statement will include the name or the loan company, your account number, the payoff amount, the payoff data, per diem and the address for the payoff check.
What is a 10-day payoff and where can I get it? A 10-day payoff statement is a document from your lender that gives us the payoff amount to purchase your vehicle, including 10 days worth of interest. We need this document in order to finalize your trade-in or sale.
They're often used in refinancing, consolidation loans, debts in collections, and other situations wherein a lender wants to know how much must be paid to satisfy a loan. If you have debt and you want a payoff statement, you can request one by contacting whichever lender or creditor holds the debt.
How to Obtain a Payoff Quote. You can calculate a mortgage payoff amount using a formula. Work out the daily interest rate by multiplying the loan balance by the interest rate, then dividing that by 365. This figure, multiplied by the days until payoff, plus the loan balance, gives you your mortgage payoff amount.
