AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Expert: Bobbi Buehl Date: 4/30/2008 Subject: The Bank Says I still Owe Money
Question I recently re-financed my home loas (1st and 2nd). Both loans show on the bank's website as "PAID IN FULL" and the deed of trust has been released on both. The bank has send me 2 letters now, stating that I still owe $30.
Do I actually need to pay that money, if they accepted the check from my new bank as a full payoff? I know they could never take my home because they no longer have a security interest in it, but could they report to credit that I owe them money or have a late payment??
Answer Hello,
Yes, you do need to pay it off!!
If you don't pay it off now, someday when you need to refinance or purchase another home, the old mortgage will show as a foreclosure or short sale on your credit report, and those are hard to get removed and take forever when you do get it romoved. So, so yourself the hardship now and pay it!
Thanks and good uck!
Bobbi Buehl
PS....whever refinanced you didn't do an update payoff before paying off your old loan!!
