Seller Loan Payoff Information
If the property being sold is presently encumbered by mortgages, please contact this office regarding social security number for the seller and the loan number for the particular bank involved. Without this information, the banks will not release payoff information. Please provide this information as soon as possible as the banks generally require two to ten business days to furnish a written payoff. A delay in furnishing this information will delay the closing itself.
Please remember any funds on hand with your bank for escrow will be refunded to you after closing. The bank sends a check to you directly anywhere from four to six weeks after closing. Some banks will “net” escrow funds on hand from your payoff. Please check your written payoff statement for verification of these matters.
The payoff on your loan may be different than what you expect. Generally this is due to interest accrued since you made your last payment. Remember interest is paid in arrears. For example, the interest in a May 1st payment covers the period of time from April 1st to April 30th. For this reason you are generally always a month behind in paying the interest current on your loan. You will be able to verify this by the written payoff statement your bank will furnish for the closing. Should you have questions regarding these matters, you can contact the firm prior to the closing.