My husband and I sold a piece of land that we owned for $60000.00, almost the exact amount we still owe on our house mortgage. I thought that we would just take the check, bring it to Chase Bank, and that they would be happy to have their money and pay off our home. However, I was shocked to learn that I first had to have an actual “Faxed payoff quote” (even though I knew the exact amount owed), and that I had to pay $30.00 to have this paper faxed to me. Then, we have to go to our bank and bring this faxed form and the check and have them wire it to Chase (our bank has to hold the check for three days though, for their assurance that the funds are there, which they are). Now, you would think that if money is wired that it would get to the Chase account that same day. HOWEVER, we still have to send in extra interest money b/c it doesn’t go directly to the mortgage department, so it may take days for it to get to the right department. THEN, Chase said that after they process the mortgage payoff, we are charged another $30.00 to have them send it to our parish courthouse. THEN, the courthouse is supposed to cancel the lien and send that form back to Chase, and FINALLY, Chase is supposed to send the form back to us so that we can show our homeowners insurance company that we paid off our mortgage. The process of receiving the final proof of the payoff, according to Chase cust. service could take between 4 weeks to six months. My question is, WHY IS CHASE MORTGAGE/CHASE HOME FINANCE MAKING IT SO DIFFICULT FOR US TO GIVE THEM THEIR MONEY? During the ongoing recession you would think that these mortgage companies would be glad to have their loans paid in full. I’m actually dumbfounded about this whole situation. Has anyone else ever been in this situation? Chase also gave us problems after Hurricane Gustav (our homeowners insurance company was wonderful), but sometimes I feel like I’m beating my head against (Chase’s) brick wall!
Thomas B. – WOW! That was a wonderful way to put it. Instead of feeling sorry for myself I should just be happy that we’re able to pay our house note off much earlier than most people are. Thank you so much for making the glass seem “half-full” rather than “half-empty!”
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