[Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Bank Name] [Bank's Address] [City, State, Zip Code] Subject: Request for Payoff Balance of Mortgage Dear [Bank Representative's Name], I am writing to request a detailed and current payoff balance of the mortgage on my property located at [Property Address] in Rhode Island. I would appreciate it if you could provide me with the requested information within [mention a specific time frame or state "within a reasonable time frame"]. The relevant details related to my mortgage are as follows: Mortgage Account Number: [Your Mortgage Account Number] Property Address: [Complete Property Address] Borrower Name(s): [Your Full Name(s)] Date of Origination: [Date when the mortgage was initiated] Loan Amount: [Original loan amount] I kindly request you to provide the following details via written correspondence: 1. Payoff Balance: An itemized breakdown of the outstanding balance required to pay off the mortgage as of the date of this letter, including any accrued interest, late fees, or additional charges. Please include the exact amount required to satisfy the loan in full. 2. Payoff Date: The date until which the provided payoff balance remains valid. This is important for me to plan the payment accordingly. 3. Payment Instructions: Clear instructions on how to remit the final payment. Include the specific account details, routing numbers, or any necessary procedures to ensure a smooth and successful transaction. I kindly ask you to deliver the requested information by [mention a specific date or state "as soon as possible"]. You may send it to my current address mentioned above or alternatively forward it to my email address [provide your email address]. Should you require any additional information or documents to fulfill my request, please do not hesitate to contact me at the provided phone number or email address. Thank you for your prompt attention to this matter, and I look forward to receiving the requested payoff balance at your earliest convenience. Sincerely, [Your Name]
Rhode Island Sample Letter Requesting Payoff Balance of Mortgage
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How to fill out Rhode Island 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.
Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions.
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.
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.
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.
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.
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.
