Fix the following errors:
DID YOU PAY INTEREST WHEN YOU PAID OFF AN FHA-INSURED LOAN?
If you took out an FHA-insured mortgage between August 2, 1985 and January 21, 2015 and paid off or refinanced your loan, you may have paid more post-payment interest than necessary. Find out how to get that money back now!
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If you sold a house, refinanced a loan, or paid off a loan early:
When a customer wants to pay off their FHA-insured mortgage, federal regulations require the customer receive a "payoff statement."
What is a Payoff Statement?
The payoff statement must tell the customer they can pay off the loan on the first day of the month to avoid paying interest for that month.
A Payoff Statement also includes information about interest
Why This Statement is Important
Finally, the payoff statement must disclose how the post-payment interest is calculated. If a bank does not use this form, you cannot be charged post-payment interest.
It must also disclose that if the customer is paying off the loan on any day other than the first of the month, they may have to pay interest for the ENTIRE month.
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to find out how we can help get your money back!
If you paid off a FHA-loan on any day of the month other than the first, you may have paid post-payment interest when you didn't have to.
This notice is to advise you of the procedure which will be followed to accomplish a full prepayment of your mortgage.
Payoff Statement Language MUST Include
The mortgagee will:
✔ accept the full prepayment amount whenever it is paid and collect interest only to the date of that payment; or
✔ only accept the prepayment on the first day of any month during the mortgage term; or accept the prepayment whenever tendered with interest paid to the first day of the month following the date prepayment is received
NOTE: It is to your advantage to arrange closings so that the prepayment reaches us on or before (as close to the end of the month as possible) the first work day of the month.
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