[jay1pizza]

I have a home that has 3 years left on the mortgage & I primarily pay all my
Bills online.I been for the whole duration of mortgage dropping by the
Seller's home to hand the mortgage to the couple and they would give
Me a receipt & sign the mortgage book/portfolio.I am now tiresome
Of having to do it this way as it will be convenient to just send them
A check from my bank and be done(as I did)/and without a trip from them
To my home.Now the couple says they have to mark the portfolio,which
I can do myself and/or they can send me a receipt which is really not
Indispensable because my bank statement verifies the payment.
Is this not sitting good with them or do just feel comfortable doing
It the old fashioned way? I can mark off portfolio myself,and I was
Considering doing paypal but since they mention they still have
To sign the book I'm reluctant to even ask.Can someone shed some
Light on this and what are other options like having a broker set
Up the mortgage payment thingy so I won't have run to their home
& save gas? Thanks

[AK lawyer]

I for one have never heard of a mortgage book/portfolio. My guess it that it's simply a fancy amenity offered by the mortgage company and it is not required. Is it mentioned in the mortgage itself? If not, what does the mortgage say about how payments are to be made?

If it is, for some odd reason, required by the contractual terms of the mortgage, it could be dispensed with by written agreement signed by all parties to the mortgage.

[ScottGem]

Read your note. It may specify how payments are to be made. If it doesn't, you can use any acceptable form of payment.

I've never heard of a mortgage book/portfolio. I don't know of any lender that doesn't accept a personal check mailed to a drop box. If you want to be free of this, refinance and pay them off.

[Fr_Chuck]

My guess is that after many years of getting payment in one way, they may be suspect of your reason to want to change.
Many people do not like change.

And yes, you want a receipt from them. While yes your bank shows a payment is made. The receipt shows it was made on time and received.

[AK lawyer]

It's like a check register supplied by the bank when you set up a new checking account. The bank gives you one because that is how things were done before the advent of the personal computer, and some people can't fathom change.

[jay1pizza]

The portfolio wrong name I called it is just a payment principal/interest amortization booklet for all payments until paid in full which is sign/dated every month when I pay it.I don't see any reference how payment should be made.I concur about the physical receipt... Thanks

[Fr_Chuck]

Yes, the amortization booklet is a old outdated system. To remind some of us older folks like where you had the passbook signed every time you made a deposit.

Just the fact that the lender was using this, means they may not fully trust all new things