Middlesex Massachusetts Sample Letter for Payoff of Loan held by Mortgage Company

State:
Multi-State
County:
Middlesex
Control #:
US-0019LTR
Format:
Word; 
Rich Text
Instant download

Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

Subject: Middlesex Massachusetts: Sample Letter for Payoff of Loan Held by Mortgage Company Dear [Mortgage Company's Name], I am writing to request a payoff statement for my loan held by your esteemed mortgage company. I currently reside in Middlesex County, Massachusetts, and provided below are the details essential for the payoff quote: 1. Borrower Information: — Name: [Your Full Name— - Address: [Your Current Address] — Contact Number: [Your Phone Number— - Loan Account Number: [Your Loan Account Number] 2. Property Information: — Property Address: [Property Address in Middlesex County] — County: Middlesex Count— - State: Massachusetts — ZIP Code: [Property ZIP Code] 3. Loan Details: — Loan Type: [Fixed Rate/Adjustable Rate/Interest-Only, etc.] — Loan Amount: [Current Outstanding Loan Amount] — Original Loan Number: [Original Loan Number] — Loan Start Date: [Loan Start Date— - Loan Term: [Loan Term in Years] — Interest Rate: [Current Interest Rate] — Monthly Payment Amount: [Current Monthly Payment Amount] Please provide me with an accurate payoff quote including any interest accrued up to the expected payoff date, which is [Provide Desired Payoff Date, usually within 30 days from the letter's date]. Kindly include any instructions or procedures necessary for processing the payoff amount. In addition, I would appreciate the payoff statement being sent through one of the following methods: a) Mail: [Mailing Address for the Payoff Statement] b) Email: [Preferred Email Address] Considering time constraints, please provide the necessary payoff information at your earliest convenience. This will help me plan my financial arrangements accordingly and ensure a smooth repayment process. Should you require any additional information or documentation, please do not hesitate to contact me at the provided phone number or email address. Thank you in advance for your prompt assistance. I look forward to receiving the requested payoff statement as soon as possible. Your support in facilitating this loan payoff process is greatly appreciated. Sincerely, [Your Full Name] [Your Signature] [Date]

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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.

For the most part, a servicer is required to send back a payoff statement within 7 business days of the initial request.

A payoff statement should include the name and address of the lender preparing the statement and be addressed to the lender that requested the payoff. It also needs to include the customer's name, the loan number and the terms of the loan, including the balance and the interest rate.

A payoff letter is typically requested by a borrower from its lender in connection with the repayment of the borrower's outstanding loans to the lender under a loan agreement and termination of the loan agreement and related security and guaranties.

A payoff letter is typically requested by a borrower from its lender in connection with the repayment of the borrower's outstanding loans to the lender under a loan agreement and termination of the loan agreement and related security and guaranties.

A payoff statement should include the name and address of the lender preparing the statement and be addressed to the lender that requested the payoff. It also needs to include the customer's name, the loan number and the terms of the loan, including the balance and the interest rate.

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 multiplying that by 365. This figure, multiplied by the days until payoff, plus the loan balance, gives you your mortgage payoff amount.

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.

In mortgages, the term "request payoff" means the borrower is asking for the exact amount owed that will satisfy the loan in full.

5 ways to pay off your mortgage earlyMake extra payments. There are two ways you can make extra mortgage payments to accelerate the payoff process:Refinance your mortgage.Recast your mortgage.Make lump-sum payments toward your principal.Get a loan modification.

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Will there be any difference in the size of my loan if I want to buy a used car? Reinstatement: "Request for payoff statement or reinstatement payment statement.COMMISSION FILE NUMBER 0-27014 AFFILIATED COMMUNITY BANCORP, INC. Check out our property listings and find an experienced best agent in your market. Filled in the "Sources section" in order to balance out to zero. If the HMFA is providing the Permanent Loan.

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Middlesex Massachusetts Sample Letter for Payoff of Loan held by Mortgage Company