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Dec 15, 2018
10:05
:08
am
Mister P
All-American
Pay a full mortgage payment. They'll have to pay back the difference.
They'll have to spend time cutting a check and paying to mail it off. Might end up costing them about $25 in time and costs.
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Mister P
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Mister P
Joined
Sep 16, 2005
Last login
Sep 20, 2024
Total posts
63,972 (1,730 FO)
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Messages
Author
Time
So I go to pay off my mortgage and they refuse to let me unless I pay a $25 fee
Acorn
12/15/18 9:26am
Probably a fee for reconveyance. Normal when dealing with loans secured by real estate.
Pimpin4Paradise
12/15/18 9:29am
That being said, if that’s what it is, why wouldn’t they just explain it?
Pimpin4Paradise
12/15/18 9:31am
How much additional interest did you have to pay but not paying it off a few
byubyu
12/15/18 9:29am
If he has a similar interest rate to mine (3.5), it'd be abt. $10 for 2 months.
RobAdams
12/15/18 9:38am
About $1.50. $2K at 0.9%. Difference between my mortgage rate
Acorn
12/15/18 10:29am
I wish I had the mental fortitude to pound out details like this.
kotacoug
12/15/18 10:51am
I did it in my head. But people are missing the point focusing on the $1
Acorn
12/15/18 10:55am
I figured it wasn't very much.
byubyu
12/15/18 11:00am
I don't believe you.
Acorn
12/15/18 11:04am
When you pay it off don't expect anything like a car title to show up in the
Don_Juan_El_Guapo
12/15/18 9:31am
You could ask for a copy of the note or even the reconveyance that they send to
Manti
12/15/18 9:41am
They're supposed to send you the original mortgage or deed.
Mister P
12/15/18 10:07am
Nope. Never happened.
Don_Juan_El_Guapo
12/15/18 12:02pm
Then you might not have clear title. Once you pay off your mortgage
BYUMizzou
12/15/18 1:16pm
Exactly, I had a home equity loan close and I received several notarized docs
Busiturtle
12/15/18 1:24pm
Is there anyway to prepay on mortgage interest for the next year?
Busiturtle
12/15/18 9:36am
Wait so you avoided paying $25 in fees to rack up another 30 days of interest? Brilliant!
cougsrule
12/15/18 9:38am
Not to mention time spent on the phone, online, and writing this CB post about it . . . and it's still not resolved.
rainorsnow
12/15/18 9:43am
he has to hurry and drive 35 minutes to RC Willey for free hot dogs and a coke
BlueFrog
12/15/18 9:54am
More value than your 78,000 posts on CB. LOL. I don't like hot dogs.
Acorn
12/15/18 10:33am
I agree with this to a point.
bluecougar1985
12/15/18 9:55am
Not to mention that a fee for reconveyance 1- Is paid by everyone else as well. 2 - Was probably spelled
Pimpin4Paradise
12/15/18 9:55am
I wonder why my next mortgage payment says $6.01 due
Acorn
12/15/18 11:08am
He would have spent his time on here anyway so that's a wash.
El Careeb
12/15/18 10:00am
Yep. Compare my 1.8 posts a day to people posting 20 or 30 times a day
Acorn
12/15/18 10:36am
This is sport. That is why I posted about it.
Acorn
12/15/18 10:48am
Like what has already been mentioned, this is a standard fee that you likely can’t get around.
rainorsnow
12/15/18 12:53pm
Why to people type before they think? Why do people assume they are the
Acorn
12/15/18 10:30am
Just pay the reconveyance fee and be done with it. Kind of a silly molehill to
Manti
12/15/18 9:42am
But the principle of the thing!
Busiturtle
12/15/18 9:47am
He has taken on a challenge. That’s worth something.
man-at-arms
12/15/18 9:49am
I think people with poor comprehension skills missed the part
Acorn
12/15/18 11:02am
Oh I got that part. But there is a fee to record a deed of trust reconveyance
Manti
12/15/18 11:14am
If every mortgage is paid off (and they are) then it should be included in
Acorn
12/15/18 11:24am
Yeah you are definitely not the norm. It's very rare for people to just pay
Manti
12/15/18 11:27am
This is my second time. The first time was in California and I was 37
Acorn
12/15/18 11:34am
Kind of funny the mortgage company is so adamant as well.
bluecougar1985
12/15/18 9:58am
I probably could have asked for a supervisor, but being on the phone very long
Acorn
12/15/18 11:06am
I’m very much like you... I fight these fights every time. Because it’s the
bluecougar1985
12/15/18 12:09pm
Not really. And not in this case.
pink22
12/15/18 7:35pm
I find the ‘ not a big deal’ argument interesting. You see it at car dealerships
kotacoug
12/15/18 10:54am
Exactly. It is a sport. Just like when people haggle with cars
Acorn
12/15/18 11:09am
In his original loan documents he agreed to pay a reconveyance fee when the loan
Manti
12/15/18 11:09am
Maybe yes, maybe no. I wonder how they are going to bill me for that $25?
Acorn
12/15/18 11:13am
You're wrong. I guarantee your documentation referenced a reconveyance fee.
Manti
12/15/18 11:16am
I think you are wrong. Unfortunately, you don't have my documentation
Acorn
12/15/18 11:20am
I promise I'm not. I've seen hundreds (probably thousands) of mortgage
Manti
12/15/18 11:23am
I have seen about 10, and despite your looking at thousands
Acorn
12/15/18 11:29am
RE: I have seen about 10, and despite your looking at thousands
russkiejedi
12/15/18 3:05pm
I salute you. Keep up the good fight.
RobAdams
12/15/18 9:49am
Paying off your mortgage: $25
El Careeb
12/15/18 10:00am
The thing is, he isn’t sticking it to the man. The only person losing here is him. He’ll end up paying the fee in the
Pimpin4Paradise
12/15/18 10:17am
Pay a full mortgage payment. They'll have to pay back the difference.
Mister P
12/15/18 10:05am
Why pay off your mortgage? Can usually earn more by investing that $$
Jersey hunter
12/15/18 10:14am
President Faust encouraged us to and was supported by President Hinckley.
Mister P
12/15/18 10:19am
I don't take investment advice from my religious leaders.
Baron
12/15/18 10:20am
Smart man.
pink22
12/15/18 10:48am
Why?
bluecougar1985
12/15/18 12:26pm
Because that’s crazy. They aren’t financial advisors.
pink22
12/15/18 1:40pm
I don’t consider them warning to get out of debt ASAP to be financial advice.
bluecougar1985
12/15/18 6:30pm
But I am.not in debt if I can pay it off if that is the case.
Baron
12/15/18 9:46pm
It’s not investment advice. It’s the principle:
canofpicante
12/15/18 2:49pm
Paying on time is my word. No need to rush it.
Baron
12/15/18 9:47pm
Interesting. If God were giving me financial instruction I'd follow it to a T.
Megamind
12/15/18 5:59pm
If God was sure but not a prophet. Remember the early bank by Joseph.
Baron
12/15/18 9:49pm
Or remember Joseph the Prince of Egypt. I'm sure accumulating 7 years of bumper
Megamind
12/15/18 10:37pm
President Faust paid off his mortgage by selling another property he
kotacoug
12/15/18 10:56am
Pretty sure it was Elder Eyring like 10 years after Faust died.
supertux
12/15/18 9:27pm
Two different talks. Faust had a low interest loan. Eyring sold a property.
Megamind
12/15/18 9:34pm
Do you honestly think President Faust was telling us not to contribute to 401Ks
Megamind
12/15/18 6:11pm
Sometimes it is needed in order to qualify for additional loans. And like he
byubyu
12/15/18 10:19am
To me there is no better feeling than owing nothing. I know this is CB where
O Gaucho
12/15/18 10:27am
Good for you. Debt doesn't nag me especially knowing I can pay it if want. That feeling
Baron
12/15/18 10:30am
Yep each person has to decide what brings them greater joy.
O Gaucho
12/15/18 11:01am
I agree completely! We're 6 months from having no mortgage and super excited.
IntelCougar
12/15/18 11:28am
Me too. We had a paid off home but then we moved to Colorado and our mortgage
Colorado
12/15/18 10:03pm
I am retiring. Didn't want to retire before I pay it off.
Acorn
12/15/18 10:38am
Leveraging is one way. Getting rid of liability is another. Different strokes.
canofpicante
12/15/18 2:47pm
Paying off your mortgage early is a guaranteed return on investment
Throwaway59840
12/15/18 4:13pm
Depends rate son a 30 year right now are about 5%. Hard to find a guaranteed
cougarfann888
12/15/18 5:06pm
This is a lie perpetuated by advisors that want your $$ in a brokerage acct and
MormonThug
12/15/18 7:31pm
Recording documents isn't free.
Jeremy
12/15/18 10:18am
Life’s too short to worry about stuff like this
Odysseus
12/15/18 10:46am
Life is too short to post more than twice a day on average on CB.
Acorn
12/15/18 10:51am
Says the guy who's been on here 14 years...
Odysseus
12/15/18 11:36am
Ha. It has been much longer than 14 years
Acorn
12/15/18 11:44am
I'm glad you're sticking it to the man. And don't take my posts seriously - I
Odysseus
12/15/18 11:47am
Wow. Namecalling now. OK. I admit, I am a goober.
Acorn
12/15/18 11:53am
How do you live like that? Worry about $25 over all the time and effort wasted.
pink22
12/15/18 10:48am
You must get worked up very easily. I am doing this for sport.
Acorn
12/15/18 10:58am
It’s fun?!? Your idea of fun is messed up
pink22
12/15/18 1:41pm
Nice pun: "I decide to wait out of principle"
fan_byu
12/15/18 11:34am
I can never remember the pal versus the ple. I wish they would just merge em.
Acorn
12/15/18 11:36am
You can merge them, but it will cost $25
fan_byu
12/15/18 3:50pm
After all of this, do you understand yet that this is a fee
IdahoCoug
12/15/18 12:22pm
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