[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 Loan Dear [Loan Service's Name], I hope this letter finds you in good health and high spirits. I am writing to request a detailed payoff balance of my mortgage loan on the property located in Chicago, Illinois. Please find the necessary details of the loan and property below: 1. Borrower's Name: [Your Name] 2. Property Address: [Complete Property Address, including City, State, Zip Code] 3. Loan Account Number: [Insert Loan Account Number] 4. Loan Type: [Specify if it is a Fixed-rate mortgage, Adjustable-rate mortgage, FHA-insured loan, etc.] I kindly request you to provide me with the current payoff balance of my mortgage loan. It is important for me to have this information as I am considering various financial decisions and need an accurate figure to plan effectively. Additionally, I would appreciate it if you could include a breakdown of any applicable fees or charges that may be associated with the payoff. This would help me better understand the total amount required to settle the loan completely. I understand that there might be procedures or forms required to process this request, so please let me know if there are any specific documents or additional information you need from me. I will promptly provide any necessary details to ensure a smooth and expedient process. Moreover, I also request that you provide the payoff balance and any supporting documents via email to the address provided above. This would be convenient for both parties and also ensure a paperless transaction. I would like to thank you in advance for your assistance with my request. Your prompt response and cooperation in furnishing the requested information is highly appreciated. Should you have any questions, concerns, or require further clarification, please feel free to contact me by email or phone. I am available at your convenience to discuss this matter further or provide any additional documentation that may be needed. Thank you for your attention to this matter, and I look forward to receiving the requested payoff balance at your earliest convenience. Sincerely, [Your Name]
Chicago Illinois Sample Letter Requesting Payoff Balance of Mortgage
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How to fill out Chicago Illinois Sample Letter Requesting Payoff Balance Of Mortgage?
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FAQ
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.
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.
You only need to request a payoff letter if you're paying off debt yourself. If you're refinancing or selling your home, your new lender or a title company will most likely make the payoff letter request on your behalf.
However, under Federal law, if the loan is secured by a borrower's dwelling, the lender must provide the ?payoff statement? (same meaning as an estoppel letter) within a reasonable time, but not more than seven business days after receiving a written request from the borrower or any person acting on behalf of the
You request a payoff statement from your lender when you want to know exactly how much it costs to pay off your house. You need this information before you sell your home, refinance the mortgage or you otherwise decide to get rid of the debt.
A payoff statement is a statement prepared by a lender providing a payoff amount for prepayment on a mortgage or other loan. A payoff statement or a mortgage payoff letter will typically show the balance you must pay in order to close your loan.
Under federal law, the servicer is generally required to send you a payoff statement within seven business days of your request, subject to a few exceptions.
To ensure that you pay the correct amount, you need an official payoff statement from the servicer. Under federal law, the servicer is generally required to send you a payoff statement within seven business days of your request, subject to a few exceptions.
If you have debt and you want a payoff statement, you can request one by contacting whichever lender or creditor holds the debt. And don't worry, you don't have to pay off the loan early just because you've requested a payoff statement. This document is to be used for your reference, nothing more.
A creditor or servicer of a home loan shall send an accurate payoff balance within a reasonable time, but in no case more than 7 business days, after the receipt of a written request for such balance from or on behalf of the borrower. (Pub.
