All loan payoff requests must be received in writing and the borrower authorization signature will be verified.
Please allow 48 hours (2 business days) for payoff statements to be produced.
What happens to remaining escrow money?
A positive escrow balance is deducted from the principal balance of the loan in the payoff statement.
Will my loan still be active?
Once the payoff is quoted the loan will be frozen and future transactions will be prevented i.e. no withdrawals, no payments.
However the loan will still be open until the payoff is received and is subject to late payment charges. Should a monthly payment come due before a payoff happens,the freeze can be suspended to allow for a regular monthly payment.
What happens with my real estate tax payment after my loan is paid?
Once a loan is closed after payoff the borrower is responsible for paying real estate taxes directly.
For further questions you may contact the loan servicing department:
781-749-2200 or [email protected]