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    Kebn51's Avatar
    Kebn51 Posts: 6, Reputation: 1
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    #1

    Aug 21, 2009, 06:28 AM
    Paid in Full, but not really
    I received a letter stating that my mortgage has been satisfied and my loan was paid in full. The bank said they would send me the papers to release the liens on the loan. If I receive these and clear the deed with my county, am I still liable for any future mortgage payments because of an error made by my mortgage company?
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Aug 21, 2009, 07:21 AM

    You have the letter releasing you from your mortgage. Why is that not enough for you ?

    Tick
    Kebn51's Avatar
    Kebn51 Posts: 6, Reputation: 1
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    #3

    Aug 21, 2009, 07:59 AM
    Because I've only paid 1 1/2 years on a 30year mortgage. That's my concern.
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    Kebn51 Posts: 6, Reputation: 1
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    #4

    Aug 21, 2009, 07:59 AM
    Because I've only paid 1 1/2 years on a 30year mortgage. That's my concern.
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    Kebn51 Posts: 6, Reputation: 1
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    #5

    Aug 21, 2009, 08:03 AM
    I guess I left the main part out of the question.
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #6

    Aug 21, 2009, 08:26 AM

    There is no possible way you could have paid off a 30 year mortgage in l-l/2 years unless you made a lump sum pay out. So, yes, I think you had better explain a bit more or this is a waste of time There is obviously more to this concern of yours.

    Tick
    Kebn51's Avatar
    Kebn51 Posts: 6, Reputation: 1
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    #7

    Aug 21, 2009, 08:29 AM
    I've only paid the 1 1/2 years payments. My bank has obvioulsy made an error. What I am asking is, if they send me the paid in full notice and all liens are released, am I still liable for the remainder of the money?
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #8

    Aug 21, 2009, 10:11 AM

    Okay you have to take into consideration that the bank has made a mistake in this instance, probably got clients mixed up, transposed account numbers or whatever. Like I said, there is no possible way you could have paid off a 30 year mortgage in l-1/2 years and have been discharged from your mortgage.

    Before you start celebrating I would call them and not leave this to chance. Yes, they probably can call the loan back in after they have found out it was a mistake.

    Do you want to take that chance ?

    Tick
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #9

    Aug 21, 2009, 10:56 AM
    I completely agree with Tickle (as usual).

    But there's something else to consider as well. Most likely when you closed on the loan you signed 10 zillion documents. And most likely one of those documents said, in essence, that if the lender makes any mistakes then you will fully cooperate with them to fix those mistakes. Your situation would fall under that.

    Call them.
    stevetcg's Avatar
    stevetcg Posts: 3,693, Reputation: 353
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    #10

    Aug 21, 2009, 11:31 AM

    ... AND

    Make your regularly scheduled mortgage payment or you will be behind.

    Sorry man - you didn't hit the lottery - its just a mixup/mistake.
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #11

    Aug 21, 2009, 11:35 AM

    Can you all imagine how many people would take advantage of a mistake like that. Gosh, 30 year mortgage gone, paid off in l-l/2 years! What a bloody big blip that was at the bank ! Someone's behind is going to be on the line when this one is found out, and how many more are there like that ! Foreclosure, no wow man, got it paid off in l-l/2 years :eek:

    Tick
    Kebn51's Avatar
    Kebn51 Posts: 6, Reputation: 1
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    #12

    Aug 21, 2009, 11:54 AM
    Ok well I called my mortgage company and my mortgage was indeed paid in full, but I told them there must be a mistake! Someone overnighted a check with my account # on it. So they obvioulsy put the wrong account # on the check or someone in my family really loves me! Hahaha I'm going to have to go with the wrong account #. So the mortgage company started a workorder to figure out where the check came from and which mortgage it was intended to pay off. Ironically it was just enough to pay my mortgage and the remainder of my escrow for the year. I'm probably the most lucky unlucky person in the world right now! Haha
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #13

    Aug 21, 2009, 12:18 PM

    Hey, guy, aren't you glad you called ! This probably could have caused mega headaches for you if you hadn't bothered to come here and ask ! See, it was worthwhile. I am so happy it will be straightened out, but you still have a mortgage, well so do I and a lot of other people too !

    Kindest regards

    Tick
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #14

    Aug 22, 2009, 07:08 AM
    Quote Originally Posted by Kebn51 View Post
    Ironically it was just enough to pay my mortgage and the remainder of my escrow for the year
    Hello K:

    Just enough? The EXACT amount you owe?? THAT is strange, indeed.

    excon
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