Mortgage Payoff Statement With Balance In Illinois
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FAQ
A financial transaction contains two very important attributes: payoff amount and current amount. These attributes contain the grand total of how much the customer owes. Current amount contains how much the customer THINKS THEY OWE. Payoff amount contains how much the customer REALLY OWES.
A secured lender who willfully fails to prepare and deliver a payoff demand statement for fourteen or more days after receipt of a written demand is liable to the entitled person for all damages sustained for failure to deliver the statement.
This is because you could have made a payment before the statement balance was determined but the payment had yet to hit the account. This could also be because a payment was made after the statement balance but before looking at the current balance.
Balances do not typically include interest because interest is charged as you go. Payoff amounts are slightly higher than outstanding balance because they are calculating the accrued interest between the last statement and your payoff date.
2% of your repayment. Let's say you're paying on a weekly or monthly basis. Let's say monthly basis you're paying roughly $2000. If you add extra 2% under $2000, that 2% extra can save you 14 to 15 years on interest.
