It feels good to pay off that mortgage, doesn’t it?
I loved receiving that “paid in full” letter when I sold my previous home, and I loved seeing that 0 balance in my on-line mortgage account statement.
But I was a little confused when I went to on-line banking and discovered that my new mortgage – on which I had not yet made even the first payment – also showed as “paid in full” with a 0 balance.
Say what? I didn’t make any payments – who did? Could it be true? The on-line banking system had never been wrong before.
Maybe I had a secret supporter – like maybe a former employer who felt guilty about closing up shop and leaving his people unemployed with no options? Nah, wouldn’t happen. He considered that merely a business decision.
Maybe one of my readers was independently wealthy and took sympathy on me after learning why I had been on sabbatical for so long? I wish – heck, we’d all wish for that, right?
Maybe I should just take it at face value and appreciate my good luck? I could quit the Job From Hell! Like right now!
But maybe I should check it out, just in case. My luck is never that good.
So, I called my bank. They were flummoxed. Where had that payment come from? They didn’t know, but the account definitely showed as having been closed. (Maybe I can quit that job!)
The bank representative put me on hold while she did a little more research. After about 10 minutes, she came back to let me know she hadn’t forgotten me, but they were still looking into what was most likely a posting error. She put me back on hold.
It was so tempting to simply hang up. If it was the bank’s error, maybe I could force them to honor the payment? Heck, they got my hopes up, let me dream about early retirement – they should be responsible, right?
But I stayed on the line. Eventually, the customer service representative came back with the answer: The loan had been sold, two weeks ago. I should have received some notification from either the bank or the new lender, probably both. As far as I knew, I had received nothing … well, there was that letter that came in from a lender whose name I didn’t recognize, but I thought it was just junk mail and threw it way.
Problem solved. But now there was a new issue – I had just that day mailed my mortgage payment to the bank. What was going to happen with that?
The bank representative gave me the number for the new lender, but it was the weekend and that lender didn’t have 24/7 customer service, so I couldn’t call. I worried all weekend. I had just enough money in my checking account to cover the check I had written for the mortgage payment. I didn’t think I could make a second payment to the new lender, and the due date was coming up quickly.
On Monday, I succeeded in reaching the new lender. Yes, they had the loan. Yes, they had sent out a “welcome” letter (so it wasn’t junk mail, after all – lesson learned). And yes, the payment I sent to my bank would be transferred to them, and there would be no late fees.
It’s a relief to know my finances are back on track, but I must admit some disappointment that I don’t have a secret supporter who would allow me to quit my job. Ah well. Life goes on.
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Image by Cordelia’s Mom