Payoff Statement Template With Interest In Santa Clara
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FAQ
You can add interest at any time while the judgment is active. Generally, any unpaid principal balance collects interest at 10%, or 7% if the debtor is a government agency. This general rule applies to any judgment against a business or government agency, or when the debtor owes $200,000 or more.
Example: If your judgment is $5,000: $5,000 (total judgment) x 0.10 (10% interest) = $500 (yearly interest) Divide by 365: $500 (yearly interest) ÷ 365 (days in a year) = $1.37 (daily interest) Multiply the daily interest by the number of days since the court entered the judgment.
Basically, your balance is what you currently owe, and your payoff is what you owe plus interest that accrues from the statement date and a specific payoff date.
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.
