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Old 11-19-2007, 10:42 AM
 
Location: gilbert az "move me to Boise"
341 posts, read 1,187,549 times
Reputation: 144

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Hello
we sold our home(finally- 10 mos later) - and we are to close next week. We held off paying this months payment - when we close does not the mortgage company get paid all money that is due to them?
Our mortgage company is telling us to pay and they will refund the dollars in 30 days.. ?
they are also stating that they will not receive the funds for 10 days after closing..?
CAn us not paying this months payment - stop the closing?

Any help appreciated - funds could be greatly used in moving - until we receive the excess funds from the home sale...
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Old 11-19-2007, 11:58 AM
 
3,338 posts, read 7,394,790 times
Reputation: 1375
They should be able to figure out the amount you owe through the date of closing. Since it is passed the 15th there will be a late fee included in the payoff.

It should not be able to stop this month's closing. If you are closing the last couple of days in November, you should make your payment now or you risk being chalked up 30 days late on a mortgage and that would hit your credit score hard.
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Old 11-19-2007, 01:20 PM
 
Location: gilbert az "move me to Boise"
341 posts, read 1,187,549 times
Reputation: 144
Thank you
the title company actually is having us sign the disclosure paperwork tomorrow and the funding will happen on the 28th?
Is not the late fee already included in the payoff?
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Old 11-19-2007, 01:26 PM
 
3,338 posts, read 7,394,790 times
Reputation: 1375
Depends on when the title company ordered the payoff. You should probably have them order an updated payoff statement.

Funding on the 28th is certainly closer to a 30 day late mortgage payment than I would like to get.
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Old 11-19-2007, 02:22 PM
 
Location: gilbert az "move me to Boise"
341 posts, read 1,187,549 times
Reputation: 144
I called them - they claim they have updated the payoff and it is good until the end of the month
the title company states they wire the funds to the mortgage company once it is closed on the 28th.
I can't imagine my credit would be hit that hard for being past the mark. I just want to make sure that the closing isn't stopped and the mortgage company does not refuse the payoff.. do they do that if you are owing the same month....
We are strapped for cash until closing - for moving costs - so this extra will help us move
thanks for your advise Tim..
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Old 11-19-2007, 05:06 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 11,667,508 times
Reputation: 974
i think you're in a dry funding state.

most states are wet states...and loans are funded when signatures are signed.
in a dry state (california) the loan can take minimum 3-4days to fund
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Old 11-19-2007, 05:07 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 11,667,508 times
Reputation: 974
i checked....AZ is a dry state
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Old 11-19-2007, 05:33 PM
 
Location: South Charlotte
1,401 posts, read 3,838,441 times
Reputation: 457
Quote:
Originally Posted by banker0679 View Post
i think you're in a dry funding state.

most states are wet states...and loans are funded when signatures are signed.
in a dry state (california) the loan can take minimum 3-4days to fund

That would be scary
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