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mortgage payoff

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    A payoff is the entire amount required to satisfy the mortgage in question.

    A mortgagor can request a "payoff amount" at any time if they would like to pay the loan in full. Payoff amounts are commonly requested when homes are sold to prepare for the closing. They may also be used in default situations where a Lis Pendens has been filed and an owner is in need to pay off a loan quickly to avoid foreclosure.
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    • Last edited December 08 2006
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