The questionable joy of home refinancing

We went through the process of refinancing our mortgage this year, bringing our already low rate down by more than 1%. In the long term, this will save us much money over the next 30 years. The process was relatively painless, and it all got done in relatively short order. Sometime in July, our new mortgage company – we’ll call them “Mort” – called the deal done, and we’d owe them the first payment of $X on September 1st.

Only they let us know that it may not be them we’d owe; they specialized in setting up mortgages and selling them off to other institutions. So it came as no surprise in mid-August when we got a letter form a bank – we’ll call them Ba – whom I’ve dealt with for decades. They let us know they’d bought the mortgage. And they billed us for our September 1st payment… but they billed us for $X+Y.

So we call them, an they look at the figures, and seem to realize they’ve miscalculated our mortgage insurance cost.. they said it would take a few days to straighten out, but they arranged to take a payment over the phone for $x, and all would be good for now, as they figure things out.

Of course, two weeks later, we get a dunning phone call from Ba – why haven’t we paid the $Y yet? Apparently, they had figured out that they’d misbilled our mortgage insurance, but hadn’t actually, y’know, changed the numbers in their database… they think. They’re still trying to figure it out. So that’s where we sit… with Ba.

But that’s not all! For tonight, we got another dunning call… from Mort! They clearly wanted to know why we haven’t paid them $X yet. “Ummm… because you sold the mortgage to Ba.” “No, we didn’t.” Not trusting anyone who called me, I called them, and they said “we don’t think we sold your mortgage… but the right person isn’t here tonight, here, leave a message on their answering machine.”

So that’s where we stand. So far, we’ve paid every cent we owed, and between two companies we are somehow perceived as being even more than that behind on payments on mortgages that total close to twice the value of our house.

So fun!

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Published in: on September 19, 2012 at 4:13 am  Leave a Comment  

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