Mortgage Payoff

Often times a Seller will think they only need to provide a balance shown on their last mortgage statement. This is not an accurate account of what the payoff would be for a designated closing date. The title company will need to use a payoff figure provided by the mortgage company showing the amount due plus any added interest up to that date. 

 

Sellers also get concerned if they have just made a payment during the interim and worry the payoff will not be accurate. There is no need to worry about this. If a payment is received after a payoff amount has been provided to the title company, it will be applied and when the payoff is received from the title company after the sale, it will simply appear as an overage and you will be reimbursed when the mortgage company closes out your account.  You will also receive any escrow money in your account that has been collected to pay any upcoming taxes and insurance.