Posted by rev_otis_mcnatt on March 4, 2005, 2:21 pm
I've been paying on my principal heavily every month for a while
in an effort to get the thing paid off, and will do so in a few
months. I've read about "payoff statements" on CitiMortgage's
Website (they are currently handling my mortgage) and such, but
do I actually need to bother with such a thing? Can't I just
keep chipping away monthly till the balance is zero? Also, what
papers and documents should they send me when the mortgage is
paid in full? What all is required to provide absolute proof
of ownership? Is the deed akin to the title an owner has for
car ownership? From what I've read, the deed simply *changes*
ownership.
BTW, if it makes any difference, this was a 15-year mortgage and
I'll pay it off in six, and there were never any prepayment penalties
or things like that connected with it.
Sorry if these all sound like dumb questions, but even though
I'm 48 years old, this was my first mortgage as I traveled around
the world a lot in my younger years, due to my work. And I have
talked to several of Citi's phone people, but don't always have
a lot of confidence in what I'm told, for various reasons.
Today, I talked to an Indian (in India) when I called their
customer service #. Thanks a bunch.
--
Otis
Posted by Rich Greenberg on March 4, 2005, 3:08 pm
>I've been paying on my principal heavily every month for a while
>in an effort to get the thing paid off, and will do so in a few
>months. I've read about "payoff statements" on CitiMortgage's
>Website (they are currently handling my mortgage) and such, but
>do I actually need to bother with such a thing? Can't I just
>keep chipping away monthly till the balance is zero? Also, what
>papers and documents should they send me when the mortgage is
>paid in full? What all is required to provide absolute proof
>of ownership? Is the deed akin to the title an owner has for
>car ownership? From what I've read, the deed simply *changes*
>ownership.
No problem. My mortgage company wanted to sell me an expensive "payoff
statement" and I just said no thanks and did exactly what you describe.
When the balance was reduced to below a normal payment, they sent the
next statement with a notation that $xx.xx would pay off the mortgage in
full if paid on or before the due date.
You will get a "satisfaction of mortgage" document and probably some
others. You (or more likely them) will file the satisfaction with your
local registrar of deeds. Contact your insurance broker/carrier to
remove the mortgage holder from your policy. It will probably take
several months to get all the paperwork. Save it with the deed which
you should already have. In a fireproof safe at a minimum. A bank safe
deposit box is even better.
--
Rich Greenberg Marietta, GA, USA richgr atsign panix.com + 1 770 321 6507
Eastern time. N6LRT I speak for myself & my dogs only. VM'er since CP-67
Canines:Val, Red & Shasta (RIP),Red, husky Owner:Chinook-L
Atlanta Siberian Husky Rescue. www.panix.com/~richgr/ Asst Owner:Sibernet-L
Posted by John A. Weeks III on March 4, 2005, 3:33 pm
richgr@panix.com (Rich Greenberg) wrote:
> >I've been paying on my principal heavily every month for a while
> >in an effort to get the thing paid off, and will do so in a few
> >months. I've read about "payoff statements" on CitiMortgage's
> >Website (they are currently handling my mortgage) and such, but
> >do I actually need to bother with such a thing? Can't I just
> >keep chipping away monthly till the balance is zero? Also, what
> >papers and documents should they send me when the mortgage is
> >paid in full? What all is required to provide absolute proof
> >of ownership? Is the deed akin to the title an owner has for
> >car ownership? From what I've read, the deed simply *changes*
> >ownership.
>
> No problem. My mortgage company wanted to sell me an expensive "payoff
> statement" and I just said no thanks and did exactly what you describe.
That is a great scam, and a new one on me. Charge you for
a payoff statement. Ha-ha!
You should be able to ask for a payoff amount. They will
normally give you one that is good until a particular date.
In some cases, like Washington Mutual (which is otherwise
good to deal with), they lie about the payoff amount. Their
deal is to short you incase something doesn't clear, and then
you have to fight them to get a refund. In my case, they
withheld the last 2 payments off of the payoff, making me
overpay $1500.
-john-
--
======================================================================
John A. Weeks III 952-432-2708 john@johnweeks.com
Newave Communications http://www.johnweeks.com
======================================================================
Posted by rev_otis_mcnatt on March 4, 2005, 8:15 pm
Rich Greenberg wrote:
> No problem. My mortgage company wanted to sell me an expensive
"payoff
> statement" and I just said no thanks and did exactly what you
describe.
> When the balance was reduced to below a normal payment, they sent the
> next statement with a notation that $xx.xx would pay off the mortgage
in
> full if paid on or before the due date.
> You will get a "satisfaction of mortgage" document and probably some
> others. You (or more likely them) will file the satisfaction with
your
> local registrar of deeds. Contact your insurance broker/carrier to
> remove the mortgage holder from your policy. It will probably take
> several months to get all the paperwork. Save it with the deed which
> you should already have. In a fireproof safe at a minimum. A bank
safe
> deposit box is even better.
I don't have the deed, AFAIK. Is that important? Do you think I'll
get
it with the other documents when I pay off the loan?
As far as the payoff (last payment), did you pay in your usual way?
The CitiMortgage site states that payoff funds must be either wired,
or Cashiers Check, etc., and that personal checks will be returned.
This doesn't make much sense to me. Anyway, I myself have always paid
by automatic draft, but I have canceled that, and plan to pay with
what is, in effect, an e-check from now on. Thanks!
-
Otis
Posted by John A. Weeks III on March 5, 2005, 12:25 am
rev_otis_mcnatt@yahoo.com wrote:
> I don't have the deed, AFAIK. Is that important? Do you think I'll
> get
> it with the other documents when I pay off the loan?
That depends on customs that vary in different parts of the
US. Here in the midwest, it is traditional that your Title
and Abstract company holds the deed, even to paid off houses.
The issue is that people are prone to losing them or having
some natural disaster destroy their deeds. The Abstract
company keeps them in secure storage facilities so you have
little or no chance of losing it.
-john-
--
======================================================================
John A. Weeks III 952-432-2708 john@johnweeks.com
Newave Communications http://www.johnweeks.com
======================================================================
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>in an effort to get the thing paid off, and will do so in a few
>months. I've read about "payoff statements" on CitiMortgage's
>Website (they are currently handling my mortgage) and such, but
>do I actually need to bother with such a thing? Can't I just
>keep chipping away monthly till the balance is zero? Also, what
>papers and documents should they send me when the mortgage is
>paid in full? What all is required to provide absolute proof
>of ownership? Is the deed akin to the title an owner has for
>car ownership? From what I've read, the deed simply *changes*
>ownership.