penalty, as well as any unpaid late fees. The servicer may require a wire transfer from your bank account or a cashier’s check. Either should cost around $20 or less. The servicer will send you a “payoff letter” that will give you the balance as of a specific date and provide instructions on how to pay. (As a practical matter, the servicer might refer you to the foreclosing party’s attorney or the trustee’s office to obtain your quote.) Send or present your request for a quote in writing and hang on to the proof of your request. If the servicer or lender fails to provide the quote, this can work in your favor for challenging the foreclosure. Please note that this amount will differ from the principal balance listed on your monthly loan statement, which does not include interest, late fees, and the foreclosure costs you’ll have to consider for your payoff. The quote you request will be similar to that needed for reinstatement, discussed previously. It will show your unpaid principal balance and interest, fees, and costs. The payoff quote may even conveniently show how much your payment would need to be adjusted if you pay a few days earlier or a few days later than the target payoff date. The quote must be presented in writing — not verbally — and only to someone who has a recognized legal interest in the property. For this reason, anyone requesting a reinstatement or payoff quote must either be the borrower or provide the borrower’s written authorization. Payoff and reinstatement information is not public information. Request your payoff quote at least five business days before the expected payoff date. You must deliver the funds before the sale to stop the foreclosure. Any delay — even a bank-processing
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