[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Name of Mortgage Lender] [Company Name] [Address] [City, State, ZIP Code] Subject: Request for Payoff Balance of Mortgage Loan Dear [Mortgage Lender's Name], I hope this letter finds you well. I am writing to inquire about the current payoff balance of my mortgage loan with your institution. As a resident of West Virginia, I am seeking to obtain accurate and up-to-date information regarding my mortgage account. I kindly request that you provide me with the following details about my mortgage loan: 1. Loan Account Number: [Enter your loan account number here if available] 2. Property Address: [Provide the full address of the mortgaged property] 3. Borrower's Name: [Enter your full name as mentioned in the mortgage agreement] 4. Loan Origination Date: [Specify the date when the mortgage was originated] 5. Principal Balance: [Enter the outstanding principal balance of the mortgage loan] 6. Interest Rate: [Specify the current interest rate applicable to the loan] 7. Payoff Amount: [Please provide the total payment required to completely pay off the mortgage loan] 8. Per Diem: [If applicable, mention the daily interest charge until the payoff date] I would appreciate it if you could supply the requested information within 10 business days from the receipt of this letter. Please send the details via email to [your email address mentioned above] or by mail to the address provided above. In case of any discrepancies or further clarification required, please do not hesitate to reach me at [your phone number]. Furthermore, I would like to inform you of my intention to proceed with the payoff of my mortgage loan in the near future. Kindly provide instructions on the preferred method of payment and any additional documents or requirements necessary to initiate the payoff process. Thank you for your prompt attention to this matter. I value your cooperation and look forward to receiving the requested information at your earliest convenience. Yours Sincerely, [Your Name]
West Virginia 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
Generally, you request it from your lender when you want to know the exact amount needed to pay off your home.
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.
"Payoff demand statement" means a written statement that is prepared in response to a written demand made by an entitled person or that person's authorized agent that sets forth the amounts required by the secured lender to fully satisfy all of the obligations secured by the loan that is the subject of the demand.
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.
If you want to pay off your loan balance in full, you should request a payoff statement from your loan servicer. As mentioned above, your monthly statement won't necessarily include all outstanding interest and fees if you pay off your remaining debt.
Answer. You can't just pay the amount shown on your monthly mortgage statement to pay off the loan. That amount is your outstanding loan balance, not a payoff amount. You need an official payoff statement from the servicer to ensure you pay the correct amount.
Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions.
To get a payoff letter, ask your lender for an official payoff statement. Call or write to customer service or make the request online. While logged into your account, look for options to request or calculate a payoff amount, and provide details such as your desired payoff date.
