6.2-418 - (Effective October 1, 2010) Property owner entitled to written statement of payoff amount.
§ 6.2-418. (Effective October 1, 2010) Property owner entitled to writtenstatement of payoff amount.
A. If an obligation is secured by the lien of a deed of trust or mortgage onreal estate, and the owner of the real estate is entitled to prepay theobligation secured by the deed of trust or mortgage, the owner shall beentitled to receive from the holder of the obligation a written statementsetting forth the total amount to be paid as of a particular date in order toobtain a release of the deed of trust or mortgage.
B. The holder of the obligation secured by the deed of trust or mortgageshall mail or deliver such written statement of the payoff amount to theproperty owner or his designee within 10 business days of the receipt of awritten request for such payoff information from the property owner or hisdesignee if the request contains the loan number and the address or otherdescription of the location of the subject premises.
C. Upon payment in full of the obligation, the holder shall promptly causethe cancelled loan documents to be forwarded to the owner or his designee.
D. An inadvertent error made in the calculation of the payoff amount shallneither release the obligor from the requirement to pay the full amount dueunder the contract of indebtedness, nor release the holder of the contract ofindebtedness from the requirement to return any overpayment to the obligor orhis designee.
E. A request for payoff information under this section may be made one timewithin a 12-month period without charge, and a fee not exceeding $15 may becharged for each additional request made within such period.
(1987, c. 622, § 6.1-330.82; 2010, c. 794.)