[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient’s Name] [Recipient’s Title] [Mortgage Company Name] [Company Address] [City, State, ZIP] Subject: Request for Payoff Balance of Mortgage Dear [Recipient’s Name], I hope this letter finds you well. I am writing to request a detailed payoff balance for my mortgage account with [Mortgage Company Name]. I am currently residing in the state of Wisconsin and would greatly appreciate your assistance in providing this information. My mortgage account details are as follows: — Loan Account Number: [Account Number— - Property Address: [Property Address] — Borrower Name(s): [Your Name(s)] I kindly request that you provide a written statement outlining the exact payoff amount required to satisfy the mortgage loan in full. Please include a breakdown of any applicable fees, interest, and other charges that may be part of the total balance. Additionally, I would appreciate it if you could include any instructions or procedures to follow when submitting the payoff amount. This will ensure a smooth and efficient process for both parties involved. Please note that I am aware of my right to request an updated payoff statement within ten business days of the actual payoff date, in accordance with the Wisconsin state mortgage regulations. However, I kindly request the information as soon as possible, preferably within 15 days from the receipt of this letter. Enclosed with this letter, you will find a self-addressed, stamped envelope for your convenience. I kindly request that you use this envelope to send the payoff statement to the address provided above. If you require any additional information or documentation to fulfill this request, please do not hesitate to contact me at [Phone Number] or via email at [Email Address]. I am more than happy to provide any necessary details promptly. Thank you for your attention to this matter. I sincerely appreciate your cooperation and look forward to receiving the requested information in a timely manner. Yours sincerely, [Your Name]
Wisconsin Sample Letter Requesting Payoff Balance of Mortgage
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How to fill out Wisconsin Sample Letter Requesting Payoff Balance Of Mortgage?
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FAQ
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.
Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions.
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.
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.
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.
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.
Generally, you request it from your lender when you want to know the exact amount needed to pay off your home.
