Payoff Request

Unforgiven loan amounts must be repaid with 30 days if at any time the borrower ceases to occupy the property as a primary residence and/or no longer is 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 of the remaining balance on your forgivable loan, a payoff letter will be required.

Once the unforgiven loan amount is paid off, the PHOS Office will file the appropriate paperwork with the City of Philadelphia to remove the lien on the property and provide the borrower a satisfaction letter stating the loan requirements have been fulfilled.  Please note: this process can take up to 30 days to be completed.

Email phos@upenn.edu for a Payoff Request. 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.