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Requesting A Payoff

Selling or refinancing your property?

Sebi Ovesian avatar
Written by Sebi Ovesian
Updated over a week ago

How to submit a Payoff Request:

Please submit a Payoff Request using the form below:

All payoff requests will be returned in the form of an e-mail or fax. Please allow 48 hours (2 business days) for payoff statements to be produced.

Method of Payoff:

All payoffs must be received via wire. Wiring instructions will be sent along with all payoff statements.

What happens to remaining escrow money?

A positive escrow balance is deducted from total payoff statement.

Will my loan still be active?

Once the payoff is quoted, the loan will be locked out from processing any future or pending transactions. If you intend to make a payment before the effective date of payoff, please note that in your payoff request.

The loan will still be open until the payoff is received and late fees may accrue if a payment is not made while the payoff is pending.  Should a monthly payment come due before a payoff is set to take place, please contact Loan Servicing directly to have the payment processed and payoff quote revised.

What happens with my real estate tax payment after my loan is paid?

Once a loan is closed after payoff is received, the borrower is responsible for paying real estate taxes directly or through their new lender.  

How will my loan be discharged?

For Residential Mortgage/HELOC Borrowers: The bank will prepare and facilitate the recording of your Mortgage Discharge at the applicable Registry of Deed upon the payoff of your loan. The applicable recording fee/handling fee charged by the County/State to facilitate this service will be included in the payoff statement. Upon recording, you will receive a letter in the mail from the bank confirming that the loan has been paid off and the mortgage discharge has been recorded. Please keep such documentation for your records.

For Commercial Mortgage Borrowers: The bank will prepare and facilitate the recording of the Commercial Mortgage Discharge and the Assignment of Leases & Rents in the same manner referenced above. Partial Release Discharge will need to be recorded by the borrower and/or the requesting attorney. The bank will prepare, notarize and mail the Partial Release of Mortgage and/or the Assignment of Leases & Rents upon satisfaction of the partial release consideration. It is imperative that this is recorded by the requesting party as soon as possible.

Contact Loan Servicing:

For further questions regarding a pay off, you may contact the loan servicing department:  

781-783-1702 or [email protected] 

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