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Loan Payoff - Title Company Responsible?
Posted on 2/23/21 at 2:27 pm
Posted on 2/23/21 at 2:27 pm
So, I refinanced my mortgage, reducing rate from 3.625% to 2.625% and closed on the 10th. Due to the 3 day opportunity to rescind my decision, holidays, etc, the funding date was 2/16.
As of Friday, my previous mortgage wasn’t paid off, so I called the Title Co. they said they overnighted a check on the 16th for payoff. Well, due to UPS/Fedex cancellations of service last week, I assumed it may get delayed a day or two. Dumb on title company’s part not to wire the payoff, because by the 16th it was clear that interstates were shut down.
As of 2pm today, still not showing the mortgage as paid off. I’ve now accumulated another $250 in interest since it should have been paid and $300 vs if they wired the funds.
So who is responsible for that accumulating interest? Is it my fault for choosing a title company? Title company for not getting funds to the bank in the appropriate time?
As of Friday, my previous mortgage wasn’t paid off, so I called the Title Co. they said they overnighted a check on the 16th for payoff. Well, due to UPS/Fedex cancellations of service last week, I assumed it may get delayed a day or two. Dumb on title company’s part not to wire the payoff, because by the 16th it was clear that interstates were shut down.
As of 2pm today, still not showing the mortgage as paid off. I’ve now accumulated another $250 in interest since it should have been paid and $300 vs if they wired the funds.
So who is responsible for that accumulating interest? Is it my fault for choosing a title company? Title company for not getting funds to the bank in the appropriate time?
1
Posted on 2/23/21 at 2:43 pm to LSUKTR
You're likely ok.
The mortgage company gives a payout amount that is usually good for a period of time.
I suspect they will deposit the check and cancel the mortgage without issue.
The mortgage company gives a payout amount that is usually good for a period of time.
I suspect they will deposit the check and cancel the mortgage without issue.
Posted on 2/23/21 at 2:55 pm to ItzMe1972
quote:
You're likely ok. The mortgage company gives a payout amount that is usually good for a period of time. I suspect they will deposit the check and cancel the mortgage without issue.
Yes, confident it will get paid off, and the payoff amount was through end of month. But every day that goes by before they receive the payoff, another $50 accumulates, which eventually reduces the amount of the overpayment refund and escrow that I get back. Wondering who is accountable for the $50/day that’s racking up.
Posted on 2/23/21 at 2:56 pm to ItzMe1972
quote:
The mortgage company gives a payout amount that is usually good for a period of time.
Its usually good for a certain day and has a per diem interest to add if the payment is sent in later.
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