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I needed to get the payoff amount to use in a financial document. So I got a payoff statement by fax.
But reading the text of the faxed payoff statement, I see a lot of instructions and description of penalties if they are not followed. It almost reads like they are expecting me to actually make the payoff. So I wonder if I got myself into any trouble by requesting the statement.
I will call their office tomorrow, but can someone knowledgeable advise if this is something to worry about?
Hi, Ben. Don't worry - you're fine. Requesting a payoff statement doesn't mean you absolutely have to pay it off. The instructions are for the new lender if you're doing a refinance. It's a boilerplate letter that's designed to give lenders/title companies all the info they need for paying off the old loan, but it's not a contract.
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