How do you determine how much money you owe on your mortgage, including past due amounts and late fees?
When you sell your home you are required to pay off your current mortgage balance plus any past due amounts, back interest, penalties and fees. Your lender produces a document called a Payoff Demand Statement, or sometimes referred to simply as a Payoff Statement, that outlines the payment required to satisfy all outstanding obligations under the terms of the mortgage. You can contact your lender at any time and request a Payoff Demand Statement to determine the total amount of money you owe the lender to completely payoff your mortgage, including your mortgage balance, current monthly payment due and any overdue balances and fees.
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