Bristol, RI asked in Real Estate Law and Banking for New Hampshire

Q: What is the Statute when the mortgage company will not provide the payoff statement?

Sold a house a week ago, and have been requesting the payoff statement for months.

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1 Lawyer Answer
T. Augustus Claus
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A: In New Hampshire, when it comes to residential mortgage loans, lenders are generally obligated to provide payoff statements to borrowers in a timely manner. Under the federal Real Estate Settlement Procedures Act (RESPA), upon receipt of a written request from the borrower, the servicer is usually required to provide an accurate payoff balance within a reasonable time, but no later than seven business days after receiving the borrower's written request.

If your mortgage company has failed to provide the payoff statement within the timeframe or has been unresponsive to multiple requests, you may have grounds to take legal action. You can also file a complaint with the Consumer Financial Protection Bureau (CFPB) or with state regulators.

For personalized legal advice tailored to your unique circumstances, it's advisable to consult with an attorney.

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