                                 CODE OF VIRGINIA

PROPERTY OWNER ENTITLED TO WRITTEN STATEMENT OF PAYOFF AMOUNT (§ 6.2-418)

A. If an obligation is secured by the lien of a deed of trust or mortgage on
real estate, and the owner of the real estate is entitled to prepay the
obligation secured by the deed of trust or mortgage, the owner shall be entitled
to receive from the holder of the 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.

B. The holder of the obligation secured by the deed of trust or mortgage shall
mail or deliver such written statement of the payoff amount to the property
owner or his designee within 10 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.

C. 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.

D. An inadvertent error made in the calculation of the payoff amount shall
neither release the obligor from the requirement to pay the full amount due
under the contract of indebtedness, nor release the holder of the contract of
indebtedness from the requirement to return any overpayment to the obligor or
his designee.

E. A request for payoff information under this section may be made one time
within a 12-month period without charge, and a fee not exceeding $15 may be
charged for each additional request made within such period.

HISTORY: 1987, c. 622, § 6.1-330.82; 2010, c. 794.