Massachusetts Mortgage Payoffs

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If you’re selling your house then you’ll probably need a mortgage payoff statement from your bank before the closing. This document provides the full amount needed to payoff your home loan and discharge your mortgage.

According to M.G.L. c. 183, section 54D, your bank must provide you with the document within 5 business days of your request. The law also states that you are entitled to one free mortgage payoff every 6 months.


a mortgagee, mortgage servicer or note holder who provides a payoff statement containing an erroneous payoff amount may not deny the accuracy of the payoff amount as against any person that reasonably and detrimentally relies upon the erroneous payoff amount and shall be bound by the statement for purposes of this section

A bank’s failure to comply with the payoff laws will make it liable for any expenses, legal fees or court costs incurred by the borrower.

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