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.
Whew.
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
Cordelia's Mom, Still 
I am so glad that all is well that ends well 💜🌹
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If only it had ended, Willow. Now I still have that mortgage payment – for the next 30 years!
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I do understand, life’s a bitch and then there is the mortgage!!
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Too bad that “paid in full” didn’t hold up for you, CM. That would have been sweet, especially with a mystery benefactor. Oh, well. Back to reality, and 30 years.
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Yeah. It was fun having that dream for a few minutes, though. Kind of like playing the lottery.
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The “bank error in your favor” would have been nice. Glad this resolved. I hope the new service is easy to deal with.
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It was much easier in Monopoly, Dan. I must say, though, that the customer service rep at the new lender was very professional and helpful.
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When one bank sold our mortgage to another bank, some fifteen years ago in another house, we got to skip a payment. So we did, but we paid twice the principle on the next payment, because well, you know.
We have about ten years left til we’ll be paid off on this house. Won’t that be a fine day, indeed.
I am glad this got sorted out, but I’m kinda sad you had to sit on the phone as one does when these things happen. I can imagine your confusion and frustration!
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If it’s the bank’s mistake, you got a good case against them, CM. It’s unfair that banks always get away with their own errors. (︶︹︺)
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I agree, NBC. Too bad the bank wouldn’t see it that way.
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I love that dream of a mystery benefactor, CM. Hey, rich blog readers, pony up to make that hope a reality. Yeah, right. About the bank selling your mortgage off in a flash: Too bad all the mortgage holders don’t share in whatever profit they made in doing that!
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Hey, Mark, when my rich benefactor finally comes forward, I promise to share with you. I had a client whose mortgage was sold three times before the second payment was made. I expect mine will be sold again soon.
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I so get this… it was a joyous day when we got the bills for all our student loans with 0 owed! Finally!
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Congratulations, Jane! My impression is that student loans are nearly impossible to get to that 0 balance! 🙂
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For a while, they seemed to be selling our loan every week. I never knew who was holding our loan. Finally, 15 years ago or thereabouts, one bank bought us and we’ve been there ever since. I can’t remember how many times I sent payments to the wrong bank. But they do forward them and apparently confusion is not unusual in this kind of situation.
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It’s a pain, though, isn’t it, Marilyn? When we got our first mortgage 30 years ago, we were assured that the bank would service the loan all the way through, and they did. Now they don’t even pretend that they’re not going to sell it right off. I don’t mind, but it makes me a little nervous when the loan is sold to a lender I’ve never heard of before.
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We’re down to under 3 1/2 years on ours. I should….uh, better….live that long.
Fortunately I’ve never heard of having a mortgage sold on. Maybe it’s just an American thing. 😳
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Maybe they don’t sell mortgages in Canada. Here, it’s unusual NOT to have your loan sold.
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