A Loan Payoff Letter is a document that contains detailed information related to a loan and instructions on how to pay it off. Composing the letter and forwarding it to their debtor is the responsibility of the lender. Providing this letter allows mortgage lenders to assess how much of the applicant's income is used to repay existing loans.
A printable Loan Payoff Letter template can be found through the link below.
The debtor can make a Loan Payoff Letter request not only at the beginning of payments but also after the final repayment of the loan. This letter can be helpful if, for example, the owner of a vehicle has just paid a loan for it and decides to sell this vehicle. The seller needs time to obtain the Lien Release, replace the title, and receive the confirmation of ownership. A Loan Payoff Letter can confirm the absence of a loan on a vehicle and facilitate the transaction.
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