Is it legal for my new mortgage company to not disclose my payoff fee unless I pay a fee?
September 18th, 2009
Posted by: admin
It is NOT my original mortgage company we signed on with 5 years ago, our mortgage was sold to this new company. instead of sending statements they have a ‘coupon book’ and we send the coupon in with our payment each month. We never get a statement (except the one at the end of the year, I assume0 and they want nto charge us a FEE to find out what’s left on our mortgage…can they legally do this, when it is NOT what we originally agreed to?isn’t this changing the terms on us, without our consent?How are we to know they are crediting our payments properly, without statements and without paying them for info (I think) we should legally get for free?
‘Expert’- your rudeness is not needed, you could share the info without being so nasty. This is my first home, my first mortgage, so i am still learning, it’s not my way of life like you.
‘Expert’- your rudeness is not needed, you could share the info without being so nasty. This is my first home, my first mortgage, so i am still learning, it’s not my way of life like you.
The ammoritization schedule would be ‘off’ I would assume, as we pay extra to our princ. frequently. I am not sure how that throws it off, but not I understand what # I am looking for is indeed NOT the ‘payoff’ amount. Thank you to the other poster who explained this WITHOUT the ‘tude!
By: magy
Tags: Mortgage Payoff, Nasty, Way Of Life
September 21st, 2009 at 09:08
Yes, fees for a payoff letter demanded in advance is legal.
Usually the mortgage company or closing agent will pay these for you in advance, and then roll it onto your closing statement.
It is NOT changing the terms…your terms did not change when your mortgage was sold, and no bank negotiates fees for payoffs as part of the loan package…come on, think about how crazy that is.
Why don’t you know what is left on your mortgage? Look at the ammortization paperwork that came with your mortgage.
If you want to know if your payments are getting credited, then pull your credit report.
I would also bet they have an online system that you can register for.
Grow up!
September 22nd, 2009 at 14:27
If you order a formal payoff request there is almost always a fee. However if you just want to find out what the outstanding balance on your loan is (this will be a different amount then the payoff amount) then usually they will have an automated phone setup or online system where you can get this information for free.
You may have to be more specific with them and let them know it’s not a payoff statement you are requesting… just updated info on the balance remaining.
The payoff statement would include not just the outstanding balance but also any interim interest payments, payoff request fee, and other fees they may add. It takes more work for them to calculate that information. Just checking the balance you owe however should be free.