Unforgiven and unguaranteed mortgage amounts must be repaid within 30 days if, at any time, the borrower ceases to occupy the property as a primary residence and/or ceases to be the owner of the property, including any Event of Default outlined in the legal documents signed by the borrower. If selling or refinancing your home with the intention of paying off the remaining balance on your forgivable loan, a payoff letter will be required.
Simply send a letter of request to Penn Home Ownership Services attn: Payoff Department with your contact information and indicating where and to whose attention the payoff letter should be sent. An email from Penn Home Ownership Services will confirm receipt of the request and a letter confirming the exact payoff amount will be provided within ten business days. A payoff letter will be issued for the unforgiven amount plus any outstanding fees. Please allow 10 business days for this request to be completed.