§ 6.1-330.82. Property owner entitled to written statement of payoff amount
A. Where a lien on real estate is secured by a deed of trust or mortgage, the owner of such real estate, if entitled to prepay the obligation secured by such deed of trust or mortgage, shall be entitled to receive from the bank, savings institution or other corporate entity holding such obligation, a written statement setting forth the total amount to be paid as of a particular date in order to obtain a release of the deed of trust or mortgage. The holder of the obligation secured by said deed of trust or mortgage shall mail or deliver such written statement of the payoff amount to the property owner or his designee within ten business days of the receipt of a written request for such payoff information from the property owner or his designee if the request contains the loan number and the address or other description of the location of the subject premises. Upon payment in full of the obligation, the holder shall promptly cause the cancelled loan documents to be forwarded to the owner or his designee. An inadvertent error made in the calculation of the payoff amount shall not release the party liable for payment of the obligation from the requirement to pay the full amount due under the contract of indebtedness, nor shall it release the holder of the contract of indebtedness from the requirement to return any overpayment to such party or his designee.
B. A request for payoff information under this section may be made one time within a twelve-month period without charge, and a fee not exceeding fifteen dollars may be charged for each additional request made within such period.
(1987, c. 622.)
Sections: Previous 6.1-330.77 6.1-330.77:1 6.1-330.78 6.1-330.78:1 6.1-330.79 6.1-330.80 6.1-330.81 6.1-330.82 6.1-330.83 6.1-330.84 6.1-330.85 6.1-330.85:1 6.1-330.86 6.1-330.86:1 6.1-330.87 NextLast modified: April 2, 2009