Stupid Mortgage Question.

[Mayhem]

My mortgage is set to automatically deduct on the 14th of every month. It has not deducted yet, and I have not received any calls saying it is late. We close on the sell of this home Thursday the 28th. I am assuming I do not pay April due to sell of the home? I am ignorant to the process, as i have never sold a home before, only bought. Any help would be appreciated.

[Cajun Blake]

J

call your mortgage company and get the skinny

you should also make sure future monthly drafts are stopped

[flywise]

Hmm
You might call them today to see why they did not draw the payment.
I intentionally did not make my last payment on my old house because it was 3 days before closing and i was just going to get it back at closing anyway.
Assuming you have equity in the house and the bank knows it is selling in a few days might be the reason they did not draw

[Snakelover]

My guess is that the title company arranged for a payment stop date at the same time they received the buy-out information. They like to have everything very clean at closing with no issues of whether a payment has cleared a bank, etc.

[Mayhem]

Hmm
You might call them today to see why they did not draw the payment.
I intentionally did not make my last payment on my old house because it was 3 days before closing and i was just going to get it back at closing anyway.
Assuming you have equity in the house and the bank knows it is selling in a few days might be the reason they did not draw

There is around 35k in equity that will be transferred to the new house. We close on both homes the same morning.

Im assuming the title company did the stop payment, but i will call this morning to make sure.

[Mayhem]

My guess is that the title company arranged for a payment stop date at the same time they received the buy-out information. They like to have everything very clean at closing with no issues of whether a payment has cleared a bank, etc.

Im thinking this too, since we signed the paper last week so they could get the payoff information. Im new to the selling part of this, and it has me a little worried.

[JayB]

I can tell you the title company has NO authority to do a stop pay on your account. You only gave them permission to retrieve information on the loan payoff. Call your bank, because now there is a late fee (past the 15th)

[HoustonHunter]

My guess is that the title company arranged for a payment stop date at the same time they received the buy-out information. They like to have everything very clean at closing with no issues of whether a payment has cleared a bank, etc.

My guess, too, but best to check with the title company and then your mortgage company.

They probably requested a payoff 10-15 days in advance for closing which included your last payment plus interest through the rest of the remaining time left.

[Mayhem]

It paid. I dont know why it was not showing, but the mortgage cleared. I have never had it do this.