Unoffical vs. Official Payoff

[Jman30]

I haven't been able to find an answer to this other threads here, so I thought I would pose the question as a new thread.

I am in month 20 of a 48 month plan. Payback is 11% on unsecured, 100% on secured.

Earlier this year, just to see what I owed after 12 months,I ordered a payoff letter. The Trustee sentme an "unofficial" payoff letter showing approximately $27,000 as a payoff. Of course, the letter contained all kinds of disclaimers saying this was only an approximation and an "official" payoff needed to be generated but you had to show cause and intent to pay it off.

I am refinancing now to get out of the 13 and my lender is ordering an "official" payoff. Does anyone know if the "unofficial" payoff is a pretty good resprensentation of what the official payoff is?

[lrprn]

I am refinancing now to get out of the 13 and my lender is ordering an "official" payoff. Does anyone know if the "unofficial" payoff is a pretty good resprensentation of what the official payoff is?

JMan, I don't have the answer to your question. However, I do know that many trustees use one of the features of several available bk software programs to figure out payback amounts for early 13 buyouts. Perhaps your "unofficial" version was an educated guess looking at what is owed to your creditors and the "official" version will be the amount generated by punching in your individual numbers into the software program???? (This is a complete guess on my part - let me know if I'm even close, ok? )

[Jman30]

I think I figured it out on the NDC website yesterday. I looked at what the total claims were and subtracted what I had paid so far. Of course, this is just a guess to....I don't know how they calculate interest of things like that.

Hopefully, my "guess" is close.....

[bkdone]

I think I figured it out on the NDC website yesterday. I looked at what the total claims were and subtracted what I had paid so far. Of course, this is just a guess to....I don't know how they calculate interest of things like that.

Hopefully, my "guess" is close.....

Yes! That is exactly how they are going to figure it. Whatever the scheduled amount was before you started...minus what you have paid is the payoff. I just went thru it and the Trustee gave the attorney the exact same figure. The title company wanted an "official" pay off letter. What they got was a screenprint from NDC, with a note telling them how to subtract for the payoff.

[Jman30]

Yes! That is exactly how they are going to figure it. Whatever the scheduled amount was before you started...minus what you have paid is the payoff. I just went thru it and the Trustee gave the attorney the exact same figure. The title company wanted an "official" pay off letter. What they got was a screenprint from NDC, with a note telling them how to subtract for the payoff.

ha! That is exactly what my lender is waiting on now....an "official" payoff from the Trustee. You've made me feel better....the entire refinance is predicated on the "unofficial" payoff number of roughly $27,000. As long as I am in the ballpark of that number, I should be out of the 13 this week...