Been there. This time SWMBO demanded a new house. Guess what? There is more
work to be done on a new house than any I've had before. :-(
Yes, our last mortgage was with WF (bought the mortgage from Prudential). They
were pretty good about servicing the loan. Not as good as Prudential, but a
*lot* better than the thieves who owned our first mortgage. The only real
boo-boo they made was paying our taxes late. Well, it wasn't *late*, but only
because SWMBO is on top of such things.
It took alot of complaining to get WaMu to even read the coupon. I
doubt they cared what was on the check beyond the amount.
After the penultimate payment they (now Chase) sent a payoff quote.
They want a cashier's check, a new and onerous requirement, which I
imagine was so they'd have an instrument that couldn't be reversed after
they file the reconveyance. But they also say that they'll make up any
shortage from the escrow acount which turns out has a balance of at least
twice the payoff amount. I failed to convince them to just take what
they needed from the escrow acount and refund the rest. Not even
pretending I paid them $0. Instead it had to be done the extra stupid
way. For the final months payment I sent them a regular personal check
for $X and they sent a check back for $2X.
FWIW, generally they can't legally do that. Escrow accounts are things
put into the custody of a third party for delivery to the bank, etc.
only under the specific terms in the contract. Since the escrow account
was most likely for things like insurance and taxes, the money couldn't
be released for that purpose.
People thought cybersex was a safe alternative,
until patients started presenting with sexually
Right, the escrow account was for paying taxes and insurance.
Because they specifically said they would use escrow account to make up
any underpayment of the payoff I thought they'd be willing to take the
There's always been something fishy about Washington Mutual. As
recently as 5 yrs ago, you couldn't get a credit card from them.
What? You can get a Harley-Davidson or a Hello Kitty credit card, but
not your local bank? When they finally phoned to notify me they were
now offering cards, I passed.
Back in the day, we couldn't/didn't pay ahead (stupid). I "retired" five
years ago and we sold the house and moved a couple of times for a new job
(once was a contracting position) and ended up buying again in 2008. We
rolled the proceeds from the previous house in when we bought this one (half
of the $300K). We learned our lesson. This house will be paid off in three
years. Yes, after the kids are gone there is a lot more money in the pot.
SWMBO wants a new car but the one she has now (an '00) drives fine. ;-)
Many people have no idea about how mortgages work. As you say, the
bi=weekly is a scam to get you to send estra money. All you have to do is
send some extra every month and it goes to the principal and saves a ton of
I used a spreadsheet to track my payments and every month I'd see the big
savings at the end when I made the entry. It was a good incentive to send a
few bucks more. Check here for one
Anyone you've ever written a check to has the "keys to your bank
account" already -- the routing number for the bank and the account
number. The vendor doesn't send anything beyond that (and the amount,
of course) to the ACH system; they keep your authorizations on file,
of course, but that doesn't prevent unauthorized transactions until
it's done, you complain and your bank investigates.
I always receive a bill to review showing the amount to be pulled,
either online or paper -- the "pull" doesn't happen until the due date
a few weeks later. If the amount isn't correct, there's time to get
the utility etc to correct it, or to call the bank to get them to
block that specific ACH attempt (or just empty your account :-)
I trust you have told your bank to NOT link that account to your other
accounts, so if a fubar'd or fraudulent transaction comes through, it
can't snatch ALL your money? Don't laugh- it has happened- bank tries to
be helpful, and ends up aiding a crook.
I am glad it works for you, but the only way I would trust letting
outsiders tap my account on their own, is via a sacrificial account in a
separate bank, and never keep more in the account than I can afford to
lose. Rationally I know you are correct, and it works 99.999% of the
time with no problem. But I seem to be a lightning rod for that 0.001%.
Besides, writing those checks reminds me it is real money, and I need to
be frugal so I don't outlive it. Automatic payment is worse than using
plastic- it doesn't FEEL like spending money at all.
And unless you have your account set up for pull payments, how can
anyone remotely tap it? Isn't that a flag on the account? And don't the
pull payment orders have to be from specific banks/accounts/IDs?, with
the vendor presenting YOUR bank with an image of one of your checks and
some sort of an authorization audit trail, at least the first time? That
is what all the vendors I deal with imply, in their incessant pleas to
get me to start using auto-pay.
Yeah, I'm a luddite- I'd rather use cash for everything. But that isn't
really possible any more, no matter what the law says.
Our checking account is linked to a savings account that has some
money; I agree that we probably shouldn't have them that way, but it's
not all of our savings.
All "outsiders" need to tap your account is the information on one of
your checks -- the routing number and account number. If you write
someone a check, you're giving them all the info they need.
Nope, you don't set anything up on your account beforehand -- all the
vendor needs is your bank's routing number (the first set of numbers
on your check), the account number (the second set), and the amount
they want to debit.
You do submit a signed authorization to the vendor, but all they do is
keep that on file (most used to require a voided check just to make
sure the numbers are correct, but many don't require that anymore). If
you had a dispute, the bank would ask the vendor for their documents,
but that's after the fact. I'm sure the banks have some fraud
detection, and would start blocking "Josh's SuperDuper Service"
charges after a few complaints, but that's a different issue.
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