US Legal Forms
Forms Kit
Legal Letters
Multi-State
Sample Letter for Payoff of Loan held by Mortgage Company

Request For Payoff Letter Template In New York

Q: Is a lender required to provide a payoff statement?

TILA requires that a mortgage lender or servicer send &#039;&#039;an accurate payoff balance within a reasonable time, but in no case more than seven business days&#039;&#039; after receiving the borrower&#039;s request. 15 U.S.C. 1639g.

Category:

Letters - Loans and Lending - Mortgages Payoff

State:

Multi-State

Control #:

US-0019LTR

Format:

Instant download

Description

The Request for payoff letter template in New York serves as a formal communication tool to request information regarding the outstanding balance on a loan. This template highlights critical elements such as the date, recipient's name, and address, and includes sections for detailing the loan's payoff status. Users can also specify reasons for any changes in the payoff amount, including additional interest and insurance requirements. This template is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who need to ensure timely communication regarding financial obligations. It outlines clear steps for filling and editing, encouraging users to customize the letter according to their specific circumstances. By providing both a professional structure and straightforward language, it aims to facilitate collaboration and prompt resolution of payment issues. The form can be adapted easily to meet unique cases and help maintain clear lines of communication between parties involved in financial transactions.

Example of a mortgage payoff statement

View this form

Sample Letter to State Bar

View this form

Sample Letter regarding Revised Drafts of ...

View this form

Judgment in an Adversary Proceeding

View this form

Office Supplies Request

View this form

Form popularity

FAQ

TILA requires that a mortgage lender or servicer send ''an accurate payoff balance within a reasonable time, but in no case more than seven business days'' after receiving the borrower's request. 15 U.S.C. § 1639g.

How do I request a payoff letter? 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.

Instead, you have to get a 10-day payoff estimate from your current lender, which includes the amount you owe, as well as any interest that might accrue on the principal balance in the next 10 days.

The statement is provided by the mortgage servicer and can be requested at any time. Accurate payoff information is crucial for managing financial decisions related to property ownership.

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.

Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions. (12 C.F.R. § 1026.36.)