Michigan Payoff Authorization is a legal document used by a lender to transfer a mortgage loan from one party to another. It is commonly used when a borrower refinances their home loan or sells the property. The document authorizes the lender to disburse the remaining balance of the loan to the new lender or to the borrower. It is signed by the borrower, the lender, and the title company. There are two types of Michigan Payoff Authorization: an original Payoff Authorization and a Partial Payoff Authorization. The original Payoff Authorization is used when the borrower pays off the full balance of the loan, while the Partial Payoff Authorization is used when the borrower pays off a portion of the loan balance.
Michigan Payoff Authorization
Category:
State:
Michigan
Control #:
MI-007-RH
Format:
Word;
Rich Text
Instant download
Description
This form is the seller's payoff authorization advising the lender that the property has been sold and requesting a payoff.
Michigan Payoff Authorization is a legal document used by a lender to transfer a mortgage loan from one party to another. It is commonly used when a borrower refinances their home loan or sells the property. The document authorizes the lender to disburse the remaining balance of the loan to the new lender or to the borrower. It is signed by the borrower, the lender, and the title company. There are two types of Michigan Payoff Authorization: an original Payoff Authorization and a Partial Payoff Authorization. The original Payoff Authorization is used when the borrower pays off the full balance of the loan, while the Partial Payoff Authorization is used when the borrower pays off a portion of the loan balance.
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