Hoping someone here might have some insight on a little issue I have with my last--and I do mean LAST--mortgage payment. The wife and I own a tiny fixer upper starter home in LAC. We chose the path of buying cheap and paying off the house early, and after 8 years, we are there. Our last bill showed the following:
Interest rate (fixed): 5.25%
Principal balance: $2723.62
Current payment due (principal): $1194.09
Current payment due (interest): $11.92
So, we decided to just pay it all off. We added principal + interest and sent a check for $2735.54. I even ran it through an amortization calculator to make sure it agreed.
2 days ago the check cashed. Today I got a letter from CitiMortgage stating:
We recently received $2735.54 to pay your mortgage loan in full. However, the amount required to pay off your loan is $2798.93. Since the amount we received was not sufficient, we advanced funds in the amount of $63.39 to pay the loan in full.
Please send a check....blah blah blah.
No explanation whatsoever as to where this extra amount due is coming from. I recall seeing in writing that there is no early payoff penalty with this loan. Certainly I will be calling them tomorrow, but I was hoping to have a hint in advance of the conversation, so I might know what to expect and be better prepared to reason with these scheisters. I assume there is some BS fee they try to tack on to the last bill. Anyone have any ideas?
I tried to Google "CitiMortgage payoff scam" and got about 50 gazillion hits that didn't help.
Interest rate (fixed): 5.25%
Principal balance: $2723.62
Current payment due (principal): $1194.09
Current payment due (interest): $11.92
So, we decided to just pay it all off. We added principal + interest and sent a check for $2735.54. I even ran it through an amortization calculator to make sure it agreed.
2 days ago the check cashed. Today I got a letter from CitiMortgage stating:
We recently received $2735.54 to pay your mortgage loan in full. However, the amount required to pay off your loan is $2798.93. Since the amount we received was not sufficient, we advanced funds in the amount of $63.39 to pay the loan in full.
Please send a check....blah blah blah.
No explanation whatsoever as to where this extra amount due is coming from. I recall seeing in writing that there is no early payoff penalty with this loan. Certainly I will be calling them tomorrow, but I was hoping to have a hint in advance of the conversation, so I might know what to expect and be better prepared to reason with these scheisters. I assume there is some BS fee they try to tack on to the last bill. Anyone have any ideas?
I tried to Google "CitiMortgage payoff scam" and got about 50 gazillion hits that didn't help.
