Financing in Collinsville>Question Details

Detective27, Home Buyer in Collinsville, IL

I've just refi'd my mortgage with a new company. I've already closed, but the old mortgage company is still going to take a payment

Asked by Detective27, Collinsville, IL Tue Nov 3, 2009

this month. Should I put a stop payment on that transaction,or let it go through. The old mortgagae co. is going to recieve their payout (which includes the amount they're going to take out today or tomorrow) in a couple of days. I just don't want to go through alot of nonsense trying to get them to refund my payment.

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I would contact the Title Company that you worked with for this transaction as well as your mortgage broker. This should have been explained to you during the refinance process. If you have a scheduled payment with the old company you want to make sure that you are no longer obligated to make the payment as a missed payment will ding your credit report and possibly cause problems in the future. I would start by calling your mortgage broker as he/she should be aware of what needs to be done, your payment may have been pro-rated in escrow and you might just have to write one last check to the old company. I hope this helps.

Best regards, Dave
0 votes Thank Flag Link Tue Nov 3, 2009
Thanks, guys! What happened is that we closed on the new loan on the last day of October and they usually take the payment on the 3rd of the month. The old mortgage co knows there is a payout pending, but since they don't have it yet, technically they still own my house, and they say that they can't cancel the withdrawal from their end as it is too late. Since they are going to get a payout for the balance of the loan amount as of 10/31 in a few days, (as far as Im concerned) there is no reason for them to take the payment out today, because they'll just have to refund it. I just don't want to wait forever to get my money back. I've opted to allow the payment to go through, as I can deal with the $20 fee my bank will charge to stop the payment, but don't know what kind of fees the escrow company will charge, and in case of a problem somewhere, I'd like to be able to say I wasn't the one who messed things up.
0 votes Thank Flag Link Tue Nov 3, 2009
I would also call the old lender and ask the status of your account. It should have been paid and closed with the proceeds from our refinance leaving no balance to be paying now. you need to make sure the title company actually paid them. good luck and keep us posted.
0 votes Thank Flag Link Tue Nov 3, 2009
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