Pay off mortgage or savings acct?

[RenoJay]

Depends on whether you might need that money for something else. If it's likely you will, keep the cash handy. If it's less likely, you could pay it off and get a HELOC just in case you need to tap the equity.

Plus one

 

[Happyras]

Thanks to this thread, I did a lot of rethinking and put another 6 figure chunk against our mortgage. What a deal, they mis-applied it to a series of future payments and balance against principle. I called them on it and they readjusted it to all principle. Then in their wisdom they reapplied it to more payments and another chunk against principle. We now got twice the payoff for the one transfer. I called them twice to advise them of the error, but for now payoff is only a short haul away.

 

[rayvt]

Don't worry, they will find their error and correct it.

 

[pb4uski]

+1 they will eventually find it and correct it. But it might be fun to pay the rest of it off and hope that they send you a lien release and you can record the lien release before they find it.

 

[Happyras]

+1 they will eventually find it and correct it. But it might be fun to pay the rest of it off and hope that they send you a lien release and you can record the lien release before they find it.

That would be a fun test of their systems! I think I should do a payoff request and see what happens......

 

[rayvt]

+1 they will eventually find it and correct it. But it might be fun to pay the rest of it off and hope that they send you a lien release and you can record the lien release before they find it.

Wouldn't work. They would just say that they issued the release erroneously and have it reversed.

Would be fun, though. You know that somebody there would be sweating bullets.