Announcement

Collapse
No announcement yet.

Paying off mortgage: what do I need to do or ask or say with final payment?

Collapse
X
Collapse
First Prev Next Last
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    Originally posted by CordMcNally View Post
    Pay it off in person in coins. There is a coin shortage so I think the bank would be appreciative for the extra coins.
    OP congrats! I look forward to that day!

    As an aside I was doing a carside covid swab and I think I found all the missing coins in this guy's car.

    Comment


    • #17
      Congratulations! I would add a few things, having just transferred my mortgage to a cheaper bank -
      1 make sure that their calculation of the final payment includes any mortgage payment that is due between the time they tell you the amount and the payout date (mine missed a mortgage payment, ultimately not a big deal and it came back to me through my checking account but it created a lot of last minute confusion trying to figure out why the numbers were out by several grand)
      2 download account statements from your mortgage account before you pay it off, for some weird reason I lost access to the online statements as soon as it was paid off and now I have to get them sent to me manually
      3 run a title search on your property in a few months to make sure that the removal of the mortgage actually got filed. It will be very hard to get it fixed in 20 years if someone neglected to finish the paperwork.

      Comment


      • #18
        “It will be very hard to get it fixed in 20 years if someone neglected to finish the paperwork.”

        This is especially hard when the lender/serviced has been acquired or out of business. Closed files for closed businesses for a deceased person are extremely difficult to get anyone to sign. Imagine trying to get a lien release from one of the failed mortgage companies that the loans that were bought in 2009. They didn’t buy the paid off loans. Who are you going to call? Get the release filed.

        Comment


        • #19
          Along these lines, when refinancing doe anyone check to see if the first lien holder released when the new mortgage company paid them off?

          I don't recall getting any paperwork about this when I refinanced many years ago, but it would seem that there should be a similar lien release by the first mortgage company and that the homeowner should receive notification of it.

          Comment


          • #20
            Originally posted by AR View Post
            Along these lines, when refinancing doe anyone check to see if the first lien holder released when the new mortgage company paid them off?

            I don't recall getting any paperwork about this when I refinanced many years ago, but it would seem that there should be a similar lien release by the first mortgage company and that the homeowner should receive notification of it.
            Most people don’t. That is one reason for title insurance. You can usually call your county or find it online.

            Comment


            • #21
              I will be in a couple of months.

              Comment


              • #22
                I just went on the county web site. Every mortgage and refinance we ever took over the years is listed there, both for our 2 personal homes that we have lived in and also for investment properties. I was happy to confirm that each and every one of them have documents attached confirming that the mortgages were paid off. It is a good idea to check this whenever you pay off a mortgage, including when you refinance.

                Comment


                • #23
                  First Congrats. My advice/points from someone who has BTDT 8'ish months ago.
                  a. Do not get a payoff letter, mortgage companies will charge you for generating one. Do calculate the interest you will owe in addition to any principle payoff.
                  b. I did two separate fund transfer's from my bank to the mortgage company because the mortgage company had a 50K limitation on principle reduction payments within a month.
                  c. You don't need to say anything to the mortgage company/servicer other than insure the principle payments cleared and were applied to your mortgage.
                  d. You should receive any escrow funds for insurance/property taxes within 30 days.
                  e. Tell your insurance carrier to remove the mortgage company to be removed as a mortgagee and bills sent to you moving forward.
                  f. Go to your county building/property real estate area and ask them to send you your property tax bill directly instead of the mortgage company
                  g. The lien release from a mortgage company took about 4 months for me, be patient. Once you get it, place in your safe deposit box.

                  Comment


                  • #24
                    Originally posted by White.Beard.Doc View Post
                    I just went on the county web site. Every mortgage and refinance we ever took over the years is listed there, both for our 2 personal homes that we have lived in and also for investment properties. I was happy to confirm that each and every one of them have documents attached confirming that the mortgages were paid off. It is a good idea to check this whenever you pay off a mortgage, including when you refinance.
                    This is why any property aside from primary should have as little associated to your name on it to minimize exposure to nuisance lawsuits. Put in LLC or trusts that's not you name on it.

                    Comment

                    Working...
                    X