1,502,998
Pre-payment penalty? Screw-up on the lender's side? Screw-up on escrow's (or closing company/lawyer/etc.)'s side?
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Lyn Sims
Schaumburg, IL
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Carla Freund
Raleigh, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
1,543,662
No, I've had Payoff Demands end up higher a week before escrow because of forbearance penalties a seller "forgot to mention". Hmmm, that seems like a huge error on the part of the bank/lien holder or the escrow company.
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Ray Henson
Elk Grove, CA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Carla Freund
Raleigh, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Thomas J. Nelson, REAL...
La Jolla, CA
8,743
That's odd.
What was the date of the payoff from the morning?
Had it expired and they were in a per diem situation?
Or, was it a private loan (hard money) where default interest had kicked in at 18-24%?
I've definitely seen situations where the payoff is higher due to default interest or other charges that hadn't been initially accounted for like when we've had 1 loan encumbering 18 properties where the servicer needed to file reconveyances on all 18 properties. Recording fees start to add up.
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Doug Dawes
Topsfield, MA
-
Lyn Sims
Schaumburg, IL
5,104,931
Nope... this is a new one on me.
-
Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Karen Climer
Orlando, FL
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Joan Cox
Denver, CO
1,844,291
Never seen it happen but evidently it can. We are an attorney state so I bet there would be alot of screaming going on. Someone forgot something for sure.
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Doug Dawes
Topsfield, MA
634,531
While it is fairly common for Payoff Demands to come in higher than the mortgage balance shown on the credit report and/or mortgage statement, it seems quite bizarre to have such a disparity between Payoff Demands received on the same day. Any idea what the $5000 difference was attributed to (on the itemized Demand)?
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Doug Dawes
Topsfield, MA
3,345,091
I have not. That would be a nice surprise for a client.
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
5,049,133
No, not at the last minute. Big goof on someone's part.
-
Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Doug Dawes
Topsfield, MA
2,781,173
I understand how it could happen but it should not happen is the end result
-
Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Doug Dawes
Topsfield, MA
901,535
I've had clients think their balance was their payoff and it wasn't.
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Debe Maxwell, CRS
Charlotte, NC
-
Joan Cox
Denver, CO
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
417,221
Show me both and I can explain. Forbearance plan? Missed January payment and big late fee added? Forced place hazard insurance? Did the seller wait until the last day to provide Statement of Information and title found something? Payoffs have an expiration date. Yes it could happen that the payoff ordered expired and recent fees added, it is rare that a payoff dated from 1/21 in the morning would be different 1/21 afternoon. Is title able to ACH the funds on 1/21 or is the money going to the servicer 1/26. Payoff Demands are regulated.
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
679,404
That is very strange. I have never had that happen to me. Sounds like someone made a gross error?
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Joan Cox
Denver, CO
1,197,152
Nope, hopefully there will be no more surprises
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Peter Mohylsky, Beach ...
Miramar Beach, FL
3,587,960
That seems very odd to have one amount given in the am and then BAM .... 5K higher higher at closing. Someone made a mistake.
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Diana Dahlberg
Pleasant Prairie, WI
1,196,798
No, have not had this happen! Not a pleasant surprise
-
Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Joan Cox
Denver, CO
7,836,134
I do not recall this happening.
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Doug Dawes
Topsfield, MA
5,868,544
Was it a payoff amount or the balance given to the client? If their payments are that high, that could be the difference. Plus our title companies add another day or two, just in case the wire doesn't hit. Cannot transfer property with any outstanding debts.
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
John Juarez
Fremont, CA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
1,311,397
Our title/escrow companies collect some what more on payoffs the needed just in case the quoted amount is incorrectly too low. Once escrow closes, and the new deed is recorded it can be hard to collect on a shortage and the title/escrow company does not want to be left holding the bag. The lender will keep the amount needed for the payoff and return the rest with the final paperwork to the seller.
Yet...$5,000 does seem like a large discrepancy. A full explanation is needed
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Debe Maxwell, CRS
Charlotte, NC
-
Joan Cox
Denver, CO
-
Ray Henson
Elk Grove, CA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Miriam Odegard
Indianapolis, IN
763,883
Yes, I once had a lien show up at closing. The homeowners expected it and paid it. I was clueless for some reason. Something slipped through the cracks and I'm not sure how it happened.
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
1,076,551
Yes, the payoff provided to customers are often inaccurate and either don't reflect accurate per diem interest, or recording fees, or something else missing. Sometimes there are additional line items not present on the consumer copy, as well.
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
3,164,294
Nope, never had it be off more than by a couple of days interest added. I did recently have to explain it "goes up for 30 days" then down upon every payment to a seller who didn't understand that interest is paid in arrears each month. But once I explained and showed them on paper how it works they understood
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
Wanda Kubat-Nerdin - W...
St. George, UT
3,125,819
From what I understand, three people may have been involved:
1. Who's on first.
2. What's on second.
3. I Don't Know is on third.
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Miriam Odegard
Indianapolis, IN
-
John Juarez
Fremont, CA
6,393,404
Ocwen?
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Debe Maxwell, CRS
Charlotte, NC
-
Ray Henson
Elk Grove, CA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
5,230,057
Good Evening! Yes, it happens all of the time. The payoff the attorney is given is always higher than what the seller gets from the bank. This is because interest for 3-7 days is typically added to the balance and sometimes the sellers have not made their last payment. It will all balance-out after Closing.
Just let your sellers know that if they over-pay the balance at Closing, the bank/credit union will refund the over-paid balance within about 3-4 weeks.
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Joan Cox
Denver, CO
5,216,398
Time for a one on one conversation with someone in charge. Luckily never happened to me
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Ray Henson
Elk Grove, CA
599,093
The payoff demand based on the closing date from the lienholder is all that matters. The client may have asked the bank for a balance, not a payoff. Every mortgage is 30 days in arrears plus any per diem. An estimated closing statement usually prevents any last-minute surprises.