Short payoff letter 2025

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The document is a Short Payoff Offer and Proposal Letter addressed to a lender, proposing a discounted payoff for a defaulted mortgage loan related to a property sale. It outlines the details of the short sale, including authorization from the borrower, an attached purchase contract, and the urgency of closing the transaction within 5-10 days. The letter emphasizes the need for proper valuation through an interior inspection and expresses readiness to facilitate communication and expedite the process.

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Versions	Form popularity	Fillable & printable
2017	4.8 Satisfied (57 Votes)

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can a lender charge for a payoff letter?

The secured lender may assess a fee of no more than thirty dollars for furnishing each payoff demand statement.

Are payoff letters legally binding?

in the payoff letter are conditional upon the conditions in the letter (receipt of the funds, etc.), not the enforceability of the letter itself, which would be the case by putting your pages in escrow. In a payoff scenario, someone must take the first step, and that first step needs to come from the existing lender

What is the purpose of a payoff letter?

A payoff statement or a mortgage payoff letter will typically show the balance you must pay in order to close your loan. It may also include additional details, such as the amount of interest that will be rebated due to prepayment, the remaining payment schedule, rate of interest, and money saved for paying early.

How do you write a payoff letter?

How to Write a Payoff Letter: Step-by-Step Guide Your loan account number. The name and contact information of your loan servicer or lender. The outstanding principal balance of the loan. A detailed breakdown of accrued interest, fees, and charges (if applicable) The requested payoff date.

Is a payoff letter a lien release?

The payoff letter should clearly state that the existing lender is releasing all liens securing the existing loans.

Is a payoff statement legally binding?

A payoff statement can be a binding agreement if the terms of the payoff are followed. If the lender later claims the payoff was not correct, our claims counsel can rely on the payoff statement to defend the company in a claim. If the payoff is not directly to your firm or title company then claims loses that defense.

What does a short payoff mean?

A short payoff is a solution for homeowners who are current on their mortgage and have the financial ability to continue to pay but who want to leave their homes. A short sale is a loss mitigation option homeowners can use if theyre facing financial hardship and are in danger of defaulting their mortgage.

Short payoff letter 2025

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