[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Name of Lender] [Address of Lender] [City, State, ZIP Code] Subject: Request for Payoff Balance of Mortgage Dear [Name of Lender], I hope this letter finds you well. I am writing to request the payoff balance of my mortgage account in Puerto Rico, as I am planning to settle the remaining amount and officially own my property. Puerto Rico is a beautiful Caribbean island and an unincorporated territory of the United States. It is known for its stunning beaches, vibrant culture, and rich history. As a proud homeowner in Puerto Rico, I have enjoyed the serene lifestyle and warm hospitality that the island has to offer. As mentioned, I am currently seeking information regarding the balance required to pay off my mortgage. Kindly provide the following details related to my account: 1. Current Mortgage Account Number: ___________________ It would be highly appreciated if you could furnish me with an official document stipulating the exact amount needed to settle the mortgage outstanding. Please include the following additional information in the document: a) Principal Balance: b) Accrued Interest: c) Escrow Balance (if applicable): d) Any Prepayment Penalty Amount (if applicable): e) Total Payoff Balance: I kindly request that you send this document via certified mail to my address mentioned above or preferable via email at [Your Email Address]. Additionally, if there are any specific instructions or procedures I need to follow in order to complete the payoff process, please include those in your response. I understand that the payoff procedure may involve additional fees, and I would appreciate it if you could provide a breakdown of the fees associated with processing the mortgage payoff. Please note that I intend to settle the outstanding amount within the next 30 days from the receipt of this letter, so it would be greatly appreciated if you could expedite the process and provide the required information at your earliest convenience. Thank you for your prompt attention to this matter. I look forward to a successful completion of this transaction. Your cooperation throughout the payoff process is invaluable. Should you have any questions or require further information, please do not hesitate to contact me by phone at [Your Phone Number] or via email at [Your Email Address]. Thank you once again for your assistance. Yours sincerely, [Your Name]
Puerto Rico Sample Letter Requesting Payoff Balance of Mortgage
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How to fill out Sample Letter Requesting Payoff Balance Of Mortgage?
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FAQ
Include all relevant information in the payoff letter, including: Include the name of the loan or mortgage holder. Include the loan or mortgage number. Include the payment amount. Include the date you plan to make the payment. Include your name and address. Include your contact information.
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.
If you want to pay off your loan balance in full, you should request a payoff statement from your loan servicer. As mentioned above, your monthly statement won't necessarily include all outstanding interest and fees if you pay off your remaining debt.
Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions.
Generally, you request it from your lender when you want to know the exact amount needed to pay off your home.
Answer. You can't just pay the amount shown on your monthly mortgage statement to pay off the loan. That amount is your outstanding loan balance, not a payoff amount. You need an official payoff statement from the servicer to ensure you pay the correct amount.
Lenders can also send you a payoff letter after you have finished paying off a loan. This letter serves as confirmation that your loan has been repaid in full, and your account has been closed. It's most often requested so that customers can prove to other lenders that they have no other outstanding debts.
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.
