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I have a balloon mortgage loan, comes due in May. I had originally thought I was clever and timed it to expire just after I planned to sell, but I mistimed and want to keep the house until at least mid-June, and of course it could be later until I get a buyer.
No problem on the money front, I've got liquid funds ready to go, earning slightly better than the 4.125% loan rate.
Is there going to be any delay or hassle with getting my title or whatever else I'll need to sell the house a month or two later? Would I be better off just going ahead and paying the balance off now to make sure the paperwork is done?
I got a letter from the mortgage company last year saying they'd be in touch with me as the due date got closer to discuss payment or refinance options, but Citi took over the loan through a merger late last year. I haven't heard anything from them except for the mortgage statement which does show it as a balloon. I'll get ahold of them soon, but don't know how accurate they'll be about telling me how quickly they'll get everything back to me.
Just wondering if anyone has experience in what happens after you pay off a mortgage and how quickly it goes.
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