PAYOFF vs PRINCIPAL BALANCE definition

PAYOFF vs PRINCIPAL BALANCE. Principal Balance is the amount owed on the Sales Price. PayOff is the Principal Balance plus the daily per diem interest owed, and any outstanding fees or charges on the account. Interest is calculated in arrears. A PayOff amount would calculate interest on days to come, when the Closing Date is scheduled and interest ends. Payoff amount will always be higher than the Principal Balance. PAYMENT DUE DATE: This is the date the Purchaser makes their monthly payment to the Escrow Agent. Please NOTE: Seller’s must make sure their underlying mortgage payment is not skipped. When selecting a Due Date, we request the Purchaser’s Due Date to be approx. 15 days BEFORE the Seller’s underlying mortgage(s) Due Date. Please remember that the Seller is still ultimately responsibility to make their mortgage payments even if the Purchaser does not make payments far enough in advance. All Mortgage payments (including Private Mortgages) are paid as “in arrears”, therefore covering the previous month of ownership. Example: The mortgage payment due December 1st, is paying for the previous month November 1st – 30th. TERM: Term is the amount of time for the Contract to be paid in full. It also relates to the Balloon Payment, if there’s a balance due with the Term date arrives. WRAP-AROUND: Any Principal and Interest (P&I) payments due on the Seller’s underlying mortgages are paid out of the Bond for Deed (P&I) payment, hence the term “Wrap-Around”. The Seller will receive the difference between their underlying Mortgage’s (P&I) payment and the Purchaser’s Bond for Deed’s (P&I) payment (if applicable). Please don’t hesitate to call us! We’ll be happy to assist you and answer any questions that you have. Pelican Escrow Services, LLC X.X. Xxx 000 Xxxxxxxxxx, XX 00000
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Related to PAYOFF vs PRINCIPAL BALANCE

  • Note Principal Balance means, with respect to each Note, at any time of determination, the Principal Balance for such Note, as set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued in substitution thereof) received by the related Note Holder (or any holders of New Notes in substitution thereof) or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Class Principal Balance With respect to any Class and as to any date of determination, the aggregate of the Certificate Balances of all Certificates of such Class as of such date.

  • Note A-6 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-6 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-6 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Note A-7 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-7 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-7 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Assumed Principal Balance As to each Mortgage Loan as of any date of determination, (i) the principal balance of the Mortgage Loan outstanding as of the Cut-off Date after application of payments due on or before the Cut-off Date, whether or not received, minus (ii) all amounts previously distributed to the Purchaser with respect to the Mortgage Loan pursuant to Subsection 11.15 and representing payments or other recoveries of principal.

  • Note A Principal Balance means, as of any date of determination, the aggregate Note Principal Balance of the A Notes.

  • Class A Principal Balance As of any date, an amount equal to the sum of the Principal Balances for the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-PO Certificates and Class A-R Certificate.

  • Note A-4 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-4 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-4 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Pool Principal Balance As to any Distribution Date, the aggregate of the Scheduled Principal Balances of the Mortgage Loans which were Outstanding Mortgage Loans on the Due Date in the month preceding the month of such Distribution Date.

  • Note A-5 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-5 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-5 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Aggregate Principal Balance means, with respect to any date of determination, the sum of the Principal Balances for all Receivables (other than (i) any Receivable that became a Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable that became a Purchased Receivable prior to the end of the related Collection Period) as of the date of determination.

  • Certificate Principal Balance With respect to each Certificate (other than any Interest Only Certificate), on any date of determination, an amount equal to:

  • Mortgage Loan Principal Balance means, at any date of determination, the aggregate principal balance of the Notes evidencing the Mortgage Loan.

  • Note A-1 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-1 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-1 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Note A-2 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-2 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-2 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Note A-3 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-3 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-3 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Unpaid Principal Balance With respect to any Mortgage Loan, the outstanding principal balance payable by the Borrower under the terms of the Mortgage Note.