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Sunday, April 02, 2017

A Viewer Writes: Mortgage laid to rest, but not without confusion

Paid off my mortgage today. The company called Friday to tell me that my payment was late. I have paid through automatic withdrawal from my NFCU account, and have never, ever missed a payment in the fifteen years I've been paying. The rep gave me a final amount of $1130, which had to be sent via bank check. On Saturday, I got a paper bill from them with a request for $1700+, with a $29 late payment fee. Today, Monday, I called them and asked what my final payment would be. After negotiating for the late fee to be removed, the final number was $1070, and that I wouldn't have to get a cashier's check, that a personal check would do.

How do they come up with this stuff, and how can the consumer know if it's accurate?
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17 comments:

  1. AnonymousMarch 28, 2017 at 1:47 PM

    You get a payoff statement for the date you want to make the final payment. It will be a settlement that includes any additions, or deductions, to settle the escrow account, as well. Just like when the is a settlement on a property when the mortgage is taken out, there is a settlement when it is paid off. Last but not least, there has to be a deed release by the mortgage company. When you get that, THEN you can have the party!

    ReplyDelete
  2. AnonymousMarch 28, 2017 at 1:50 PM

    and why didn't they take your bank info over the phone and post it as of today? If you had direct payment they already had the info.

    ReplyDelete
  3. AnonymousMarch 28, 2017 at 2:54 PM

    Have them send you a statement or letter confirming you have paid off your mortgage. I requested this from Wells Fargo. Over the course of twenty years my Mortgage had changed hands several times. I requested the original loan papers showing the mortgage, and this was refused. Was told this would be reflected in county records. I told them this was not good enough and would be contacting my lawyer concerning this. I had the letter drawn up, and only then did they send me the confirmation that I now owned the house.
    You need to make them do this, so they don't come back and state they still own your home as an asset. Banks are doing this. You may have paid off your mortgage, but unless you get this lien release like you do when you pay off your car, they can still come back and claim your home as an investment. This is the dirty secret they won't tell you. Get it in writing as proof your home is paid off and is yours. In the old days people used to have a mortgage burning party. No days you have to go through hoops to get this confirmation.

    ReplyDelete
  4. AnonymousMarch 28, 2017 at 2:59 PM

    Congratulations on paying off your home. Your obviously good with your money but please don't ever refinance unless an emergency.

    ReplyDelete
  5. AnonymousMarch 28, 2017 at 3:13 PM

    I'm guessing the writer just wanted to brag that they paid their mortgage off because they are so happy and proud of themselves I find it hard to believe that this is your "go to" source when seeking "financial" advice or information. If so, I feel sorry for you.

    ReplyDelete
  6. AnonymousMarch 28, 2017 at 4:35 PM

    right on 3 13

    ReplyDelete
  7. AnonymousMarch 28, 2017 at 4:37 PM

    3:13. What a horrible attitude you have. Condescending and rude.

    ReplyDelete
    Replies
    1. AnonymousMarch 28, 2017 at 6:12 PM

      Not condescending at all. How is the TRUTH condescending. Read the post, the person asked for guidance and advice..,,FOR FINANCIAL GUIDANCE AND ADVICE..,on a public blog!!!

      Delete
  8. AnonymousMarch 28, 2017 at 4:49 PM

    3:13. Did you stompnon some puppies today too?

    If you don't like it here, why do you come?

    Just to throw shade and make yourself out to be the idiot you are?

    ReplyDelete
  9. AnonymousMarch 28, 2017 at 5:33 PM

    No, 3:13, I was not bragging, but trying to tell folks that the information that I received from the mortgage company was different on each of three closely spaced days from three different "official" sources, and that other people might have the same experience to look out for.


    For those who understand, thanks.

    ReplyDelete
    Replies
    1. AnonymousMarch 28, 2017 at 7:23 PM

      Even if you were bragging, so what. You earned it. Good job

      Delete
  10. AnonymousMarch 28, 2017 at 6:03 PM

    I'll brag to 3:13. I own 2 waterfront homes and don't have a mortgage on either one. Sorry, you either have no education or a crappy job 3:13. Maybe in the next life you'll be luckier.

    ReplyDelete
  11. AnonymousMarch 28, 2017 at 6:30 PM

    Surprised that you haven't realized by now that for anything that you can talk to three different official people and get three different stories.

    ReplyDelete
  12. Ben in Wicomico CountyMarch 28, 2017 at 7:22 PM

    I was surprised but not shocked when I read this then found out the follow things:
    Auto loans that are done through bank financing have the same final payment process required: My co worker had this happen last month
    Student Loans: my least favorite con in the world "strongly suggest" that any "final payment: be done after you have given notice to them.

    Congratulations to all who have made any achievement that has Paid In Full attached to it

    ReplyDelete
  13. AnonymousMarch 28, 2017 at 8:01 PM

    3:13
    Why would you think that this is bragging, when the person you knock is unknown. So I "axe" you this, who is bragging. Sad sole

    ReplyDelete
  14. AnonymousMarch 28, 2017 at 8:49 PM

    Chase automatically applied anything in excess of the regular payment to principle. Wells is a fight every time.

    ReplyDelete
  15. AnonymousMarch 28, 2017 at 9:20 PM

    It's the same everywhere. Turn over is so high employers dont even bothers training anymore, and customer service is dead.

    ReplyDelete

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