My mortgage company sent me a letter saying that I could send them $13,000 and my loan would be paid in full?

Deal Score0

My husband and I have an 80/20 loan. We’ve had this mortgage for 3 years now. Today we got a letter saying that if we sent them a cashier’s check for $ 13,000 by January 29, our second mortgage (the 20% loan) would be considered paid in full. There is $ 27,000 and 12 years left on the loan. We called the mortgage company to make sure it was legit (we called the number on their website, not the number on the letter just in case) and they said it was a legit letter that they had mailed, it is a one-time offer they are doing for some of their customers. It still just sounds too good to be true, should I take any precautions or has this been done before?

  1. Reply
    April 29, 2011 at 11:14 pm

    The only thing that would worry me is that it would be considered a right off and effect your credit.

  2. Reply
    April 29, 2011 at 11:54 pm

    First off, good for you for checking it by calling them. It would’ve been the height of idiocy to just proceed without verifying the offer.

    Second, as far as precautions, I would make sure I kept a copy of that letter you already received. Next, I might call them back and see if they would send me a second letter confirming that offer was valid and that the $ 13k amount would pay off the second in full. That way, if there’s any funny business, you can prove to the Court that they made a valid offer and you accepted it. Keep copies of the check, send it via certified mail return receipt requested (so you can prove they got it), and keep copies of the bank statement showing they cashed it. Also try and pin down when you’ll receive the follow up paperwork showing its paid off.

    Overall, its a great offer and I’d jump on it if I were you. Yeah, its a little unorthodox, but with how lenders are hurting for cash these days, not entirely surprising.

  3. Reply
    April 30, 2011 at 12:43 am

    Like you, I’d be suspicious. I’d want a tracking number and all the names and receipts I could get!

  4. Reply
    April 30, 2011 at 1:00 am

    go c them in person, sounds too good 2 b true….

  5. Reply
    April 30, 2011 at 1:28 am

    If you are concerned about the credit implications of it ask an accountant. Other than that, if the mortgage carrier is willing to settle for less than the total amount and prompts you to do so (as opposed to you asking them to reduce it), then they probably have a reason for it. They may be cash strapped. They may have decided that they could reinvest that $ 13,000 now and turn it into more than $ 27,000 in the next 12 years.

    I say, take the deal, if you can afford to and don’t have any other debts. If you have other debts, you’ll have to calculate how much you’d lose by waiting to pay them so that you can pay this now. Once again and accountant could help.

  6. Reply
    April 30, 2011 at 1:36 am

    That does seem a bit strange: a banker giving up the opportunity to soak you for every dime.

    Not clear if you have $ 27,000 in principal left to pay, or if that is the total payment including interest. You can save a lot of interest if you may biweekly payments rather than monthly, and your loan will be paid off much sooner.

    Talk to your accountant about the trade-offs of tax deductions, credit history, and so forth.

  7. Reply
    April 30, 2011 at 2:00 am

    You started on the right course by verifying the offer though a number you KNOW is valid. I would make sure to keep this letter, a copy of the Cashier’s check, and any other paperwork related to the second mortgage in a file for the rest of your life. This is to protect against anyone ‘forgetting’ about the settlement. If it is possible to make the payoff face to face, it can’t hurt. If not, send the payoff via Certified mail, return receipt requested, and allow at least 2 weeks for delivery. When you receive proof of delivery, add it to your file. If you can obtain proof the Cashier’s check was cashed, add it to your file.

    The short form of my answer is: Keep as much DOCUMENTATION as you possibly can and keep it forever.

  8. Reply
    Mrs nina Leo
    April 30, 2011 at 2:22 am

    Hi, I am Mrs Nina Leo I lived in Canada with my son name Jameson and my aged mother. Sometime last year my ex husband left me to get married to another woman in United States living me all alone to take care of myself and the kid includeding the bills, 2 months ago I was in search for a loan of $ 75,000, as i was running out of money to meet up things for my family and I was scammed $ 6,500 and I decided not to involve my self in such business again, finally the Managing Director of(CLARKE LOAN FIRM) managed by Mr.CLARKE WILLIAM due to my personality and the fact that i needed money to fix things right. I made a trial and most grateful am I today; I was given a loan of $ 80,000 by this great firm. If you are truely in need of a genuine loan or financial assistance and you dont want to be scam knowing that you can be trusted and reliable, of paying back at the due time of the funds I will advice you to, contact them today via email: I am feed up of this scammers and what they are doing to people on the internet concerning loan issue and i promised not to keep this to myself, i have to share it with everyone that i can reach out to….Remain blessed.


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