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Unexpected efficiency


the_tow_guy's Avatar
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04-11-17, 05:47 AM   #1 (permalink)  
Unexpected efficiency

So we paid off the mortgage last month. Within 30 days we now have had a letter from the lender [JP Morgan/Chase] congratulating us, blah, blah, blah, and then yesterday we received a copy of the lien satisfaction document with the information it had been submitted to the county for recording. I'm pretty impressed, figuring it would take longer and couple of phone calls to follow up and make sure it was happening.


Measure it with a micrometer; cut it with an ax.

 
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04-11-17, 06:05 AM   #2 (permalink)  
Congratulations on having your home paid off! Not many things better than being mortgage free


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04-11-17, 09:04 AM   #3 (permalink)  
A first for us, having "owned" two previous residences.


Measure it with a micrometer; cut it with an ax.

 
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04-11-17, 10:29 AM   #4 (permalink)  
When I paid off my first place I continued to make the payments [to me] which allowed me to pay cash for my current home. I know savings accounts don't pay much these days but there are a lot of places you can put a portion of your mortgage payment so it benefits you later.


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04-11-17, 05:20 PM   #5 (permalink)  
Fortunately we are DONE buying houses. First thing wifey did was open an additional savings account with auto transfer monthly of escrow amount. Seeded it with escrow refund we got, so taxes and insurance will be more than covered.

Already spending the windfall on some DIY stuff; did the 2nd bath last month (tile, vanity, vanity top) and the kitchen floor this month. Next up is master bath treatment same as #2 bath. Next year will be LR/DR floor - not DIY - (carpet pretty bad) and in the next few years the AC will probably need replacing (going on 12 years old). Did the roof 5 years ago and repipe last year, so no other big ticket items on the horizon hopefully.


Measure it with a micrometer; cut it with an ax.

 
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04-11-17, 07:34 PM   #6 (permalink)  
Congratulations on having your home paid off!
I 2nd that! Well done!!


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04-12-17, 08:00 AM   #7 (permalink)  
Posted By: the_tow_guy Within 30 days we now have had a letter from the lender{and}
a copy of the lien satisfaction document
with the information it had been submitted to the county for recording.
Many states make mortgage companies record satisfaction papers asap, or face fines.
Not recording a satisfaction will make a simple purchase or refinance into an ordeal,
and will make a complex case incredibly frustrating.
  • I've had a foreclosure case where a simple deed-for-cash deal with "Bank A"
    took an extra year because "Bank Z" failed to record a satisfaction years ago-
    Bank A demanded we get a mortgage satisfaction on a 25 year old mortgage from Bank Z.
    Of course, Bank Z was no longer in business, but Bank A didn't care.
    After a bit of file review, it turned out that Bank A actually WAS Bank Z, thanks to a string of mergers over the preceeding 25 years.
    Once we made a formal demand for the satisfaction, and reminded Bank A/Z about the per-day penalties, they suddenly became much more cooperative, and the 24 month stumbling block was resolved in 24 hours.

A quick check shows Florida requries a recorded copy to the borrower within 60 days,
so you'll probably get a third letter soon, with a copy of the satisfaction stamped "recorded".

 
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04-13-17, 06:13 AM   #8 (permalink)  
Already planned on a direct follow-up with the recorder's office. I really expected the wheels of the bureaucracy to move a bit slower.


Measure it with a micrometer; cut it with an ax.

 
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