Subject: Request for Payoff Balance of Mortgage — Mississippi [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Name of Mortgage Service] [Address] [City, State, ZIP] Subject: Request for Payoff Balance of Mortgage — Loan Account Number: [Loan Account Number] Dear [Mortgage Service's Name], I hope this letter finds you well. I am writing to formally request the payoff balance for my mortgage loan. As a resident of Mississippi, I would appreciate your assistance in providing me with the necessary details to settle my mortgage account. I would like to receive a comprehensive and up-to-date payoff statement that includes the principal balance, accrued interest, any outstanding fees, and other relevant charges, as of the requested payoff date mentioned below. This information will allow me to arrange the final payment and complete the necessary steps for the release of the lien on my property. To ensure efficiency and accuracy, I kindly request the payoff balance statement to be furnished within 15 business days from the receipt of this letter. Please provide the statement in writing, either by mail or email, whichever is most convenient for your institution. Here are the relevant details related to my mortgage: — Borrower's Name: [Your Full Name— - Property Address: [Your Property Address] — Loan Account Number: [Your Loan Account Number] — Original Loan Amount: [Initial Loan Amount] — Date of Loan Origination: [Date of Loan Origination] — Date of Maturity: [Loan Maturity Date] Additionally, please communicate the per diem interest rate in case the payoff date is different from today's date. This will allow me to accurately calculate the payoff amount if there are any time-sensitive variations. In regard to the payment of the outstanding balance, kindly provide instructions on the acceptable methods of payment and any specific account details or reference numbers that need to be included for proper allocation and processing. Should any additional information or documentation be necessary to expedite this request, please let me know as soon as possible. I am committed to fulfilling my obligations promptly and appreciate your cooperation throughout this process. Thank you for your attention to this matter. I look forward to receiving the requested payoff balance statement and any accompanying instructions at your earliest convenience. Please do not hesitate to contact me if you have any questions or require further clarification. Yours sincerely, [Your Full Name]
Mississippi Sample Letter Requesting Payoff Balance of Mortgage
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How to fill out Sample Letter Requesting Payoff Balance Of Mortgage?
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FAQ
Hear this out loud PauseA payoff quote shows the remaining balance on your mortgage loan, which includes your outstanding principal balance, accrued interest, late charges/fees and any other amounts. You'll need to request your free payoff quote as you think about paying off your mortgage.
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.
Hear this out loud PauseLenders 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.
That's because the difference likely is because of the way the interest of your loan is calculated. Basically, your balance is what you currently owe, and your payoff is what you owe plus interest that accrues from the statement date and a specific payoff date.
Typically, a 10-day payoff letter includes: The 10-day payoff date and payoff quote for your loan. Your loan account number(s) Individual loans and their payoff amounts (if you're refinancing multiple loans) Instructions on how to pay off your current loan servicer.
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.
Hear this out loud PauseEssentially, a loan payoff letter is a representation by the existing lender regarding the outstanding amounts owed on the loan, including principal, interest, fees and other charges required to pay the loan in full and release any collateral.
Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions.
