Payoff Information

For your eyes, too.

Order a payoff statement
Please order a payoff statement through our automated voice response system by dialing 1-800-283-7918†. You can also find important payoff information online.

Obtaining a payoff figure good through a particular date
The payoff amount is calculated to the Next Interest Due Date to avoid any interest shortfall. If the loan type is Conventional, VA, or CO-OP, then the final payoff will be calculated on a per diem basis; and any overpayment will be refunded after the payoff is processed.

Paying off your mortgage
To payoff your mortgage, begin by ordering a payoff statement through our automated voice response system by dialing 1-800-283-7918†. Review Payoff Funds for detailed instructions, including the mailing address options.

Obtaining CO-OP stock certificate
If you are selling the CO-OP, please arrange to have the CO-OP closing attorney bring the CO-OP stock certificate to the closing at:

Allen, Morris, Troisi, & Simon
112 East 19th St.
New York, NY 10003
(212) 353-0040

If you are simply paying your CO-OP loan in full, the CO-OP stock certificate will be mailed to your mailing address after the payoff is processed.

Assigning your mortgage to a new borrower
If your property is in New York, CitiMortgage will process an assignment request for a fee of $650.00. Simply email us with the mortgage account number, closing attorney’s name & telephone number, new lender’s name, and MasterCard or Visa information.

Consolidate your mortgage (MECA - Modification, Extension, Consolidation Agreement)
If your property is in New York, CitiMortgage will process a consolidation request for a fee of $650.00. Simply call our customer service department at 1-800-283-7918† with the mortgage account number, closing attorney’s name & telephone number, new lender’s name, and MasterCard or Visa information.

Escrow Balances
A refund of the escrow balance will be sent to the customer’s mailing address within 30 calendar days of payoff.

View your escrow history online.

CitiMortgage prefers to return the escrow balance after payoff. If you deduct the escrow balance from the payoff amount and the payoff comes in short, your mortgage loan will not be paid in full and interest will continue to accrue.

If the property is in New York, CitiMortgage will send a notice of payoff to the tax collector. If the property is in another state, CitiMortgage will stop requesting the tax bills electronically. You may wish to confirm with your tax office that the next tax bill will be sent directly to you.

Although the mortgage is paid off you may still have an interest in the property. For that reason, we ask you, the customer, to notify your insurance agent after payoff.

If there is a prepayment penalty listed on your payoff statement:
In accordance with the terms of your original mortgage loan agreement, a Prepayment Penalty is included with your Total Payoff Amount. Depending on your Prepayment Rider, there may be a provision where the Prepayment Penalty will not be enforced when the prepayment is concurrent with the sale of the property. In that event, CitiMortgage will remove the Prepayment Penalty upon receipt of acceptable documentation. Please note, not all mortgage agreements have the provision to waive the prepayment penalty due to sale, and some have additional time restrictions. These instructions for waiving the Prepayment Penalty are not a guarantee that this penalty will be waived. If you request a waiver of the Penalty, and it is denied, you will receive a written explanation.

Option 1 If you receive a payoff statement that includes a prepayment penalty that may be waived, you may request an updated payoff statement reflecting the Prepayment Penalty Waived. Please fax the following documentation to us at 1-301-696-5431. Name(s) on account Account number Contact Name, Phone and Fax number HUD-1 Form signed by all parties, completed at loan closing/settlement A new payoff statement will be generated and sent to you reflecting the new Total Payoff Amount within 3 business days. Option 2 If you receive a payoff statement that includes a prepayment penalty that may be waived, and you do not wish to receive an updated payoff statement, please overnight the following documentation at time of payoff: Contact Name, Phone and Fax number Current Payoff Statement that includes the Prepayment Penalty in Total Payoff Amount Payoff check less than the amount of the Prepayment Penalty HUD-1 Form signed by all parties, completed at loan closing/settlement If the Prepayment Penalty cannot be waived we will contact you at the number provided and the reduced payoff funds will not be applied to the account. Additional interest will continue to accrue on the account until the account is paid in full. If your property is in Puerto Rico, please contact Customer Service at 1-800-283-7918† to request a waiver of the penalty.

† Calls are randomly monitored and recorded to ensure quality service.

 

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