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DISCOUNT PAYOFF AGREEMENT and RELEASE OF CLAIMS - AFS

DISCOUNT PAYOFF AGREEMENT and RELEASE OF CLAIMS - AFS 2025

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The document is a Discount Payoff Agreement from Ocwen Loan Servicing, LLC, outlining the terms for a discounted payoff of a loan to avoid foreclosure. It specifies that the borrower must meet certain conditions by a set expiration date to accept the offer, including payment requirements and signing an affidavit confirming an arm's length transaction. The agreement also includes a release of claims against Ocwen and details about confidentiality and potential tax implications.

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What are discounted payoffs?

A discount payoff agreement is an agreement between a debtor and creditor, allowing the debtor to pay off the outstanding balance of a debt for less than the original amount. The agreement will include the amount and timing of the payoff, and include any conditions negotiated by the parties.

What is an example of a discounted loan?

Sometimes, a bank will give what is called a discount loan: in this case, interest is deducted at the time the loan is obtained. For example, if we agree to pay a bank $9,000 in 2 years at 6% simple discount, the bank will compute the interest: I = Prt = 9000(0.06)(2) = 1080, then deduct this from the total.

What is a settlement agreement and release of claims?

The settlement and release agreement will effectively end a dispute and establish the terms the parties agree to, including payments. It will be incredibly important to detail the claim that is being settled to release a party from liability, as releases may apply only to certain categories of claims.

What is a discounted payment?

Discounting is the process of determining the present value of a payment or a stream of payments that is to be received in the future. Given the time value of money, a dollar is worth more today than it would be worth tomorrow. Discounting is the primary factor used in pricing a stream of tomorrows cash flows.

What is a discounted payoff?

A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. For example, if someone owes $1000 but can only afford to pay $500, they could enter into a payoff agreement.

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