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The illogic of Chase Mortgage

Somewhere in the confusion of the last month I decided to pay off my mortgage. It's been within reach of my available cash for a while, but I was content to let inertia hold and keep on taking the tax deduction on the interest. Then came the annual letter about the rate adjustment (down, of course), and how they were adjusting the payment down as well. Previous times this happened I was able to go online, find the well-hidden links to the automatic debit system, and adjust the amount of extra payment on the principal to keep the overall payment level.

This time, however, the automatic payment system link demanded a separate login, and no information I threw at it would let me in. A call to Chase's customer assistance (cough) yielded the information that the automatic payment section of their web site was outsourced, that Chase could offer no help with it, and that the outsourcer had no help system either. My only option was to print out a paper form and mail it in. I decided to pay off the mortgage. And to write a letter to some high muckety-muck about how they clearly didn't want my business, and how as a shareholder I found this distressing...but I write lots of those letters in my head and only mail about 1% of them.

So, I did call and get a payoff quote, navigated my broker's web site to the wire transfer section to attempt to set up the transfer, then called said broker and they did it for me. Got the letter from Chase verifying the payoff, etc., etc. And then yesterday came another letter from Chase, this time about that automatic debit. Seems like they can't manage to cancel that without an explicit request--I really can't figure out what they'd do with a payment they withdrew for a closed loan account, but nonetheless I had to call them this evening and tell them to cancel it.

(OK, the letter is very confusing and perhaps they wouldn't have actually debited my account since the payoff went through a couple of weeks before the debit date...but the customer service person certainly felt she had to cancel something when I called.)

Oh, yay me! The house is all mine! And the cats', of course.

Comments

( 14 comments — Leave a comment )
ann_mcn
Jun. 26th, 2009 01:36 am (UTC)
Congratulations!!! Did you have a mortgage burning ceremony with the cats?
nlbarber
Jun. 26th, 2009 02:02 am (UTC)
Not yet--guess that would be a good thing to celebrate, now that I'm beginning to find my head as all the funeral stuff is subsiding. Maybe this weekend...
xinef
Jun. 26th, 2009 02:06 am (UTC)
Congratulations. We went through the same thing in January. Feels good to really own our home.
gryphons_lair
Jun. 26th, 2009 02:15 am (UTC)
CONGRATULATIONS!
Isn't having your mortgage paid off a wonderful feeling? :-)
nlbarber
Jun. 26th, 2009 02:34 am (UTC)
Re: CONGRATULATIONS!
Oh, yeah! Wasn't it you that had a mortgage-burning party a while back? That started me thinking "I oughta do that...". Just took me a while to find the motivation.
gryphons_lair
Jun. 26th, 2009 04:07 am (UTC)
Re: CONGRATULATIONS!
Yes, that was me. It was a lot of fun.

Then I traded up to a bigger house, so now I have a mortgage again. *wry g*

Just be sure not to burn tbe original mortgage papers. Use photocopies.
drunixbrat
Jun. 26th, 2009 01:30 pm (UTC)
Re: CONGRATULATIONS!
But can you get his governorship to run the pyrotechnics?

Congrats on paying off your mortgage. I'm still chugging along with 21 years to go (I'm making extra principal payments, so I've cut off almost 3 years so far), but you both are great examples for me.

I wish I could attend another mortgage burning party, especially since it's local, but I'm still non-weight-bearing and housebound. Stupid ankle...
nlbarber
Jun. 26th, 2009 01:45 pm (UTC)
Re: CONGRATULATIONS!
Oh, yes, how's the ankle doing? That came along about when things went sour for my father, and your plight sort of slipped my mind. :(
drunixbrat
Jun. 26th, 2009 07:59 pm (UTC)
Re: CONGRATULATIONS!
Completely understandable under the circumstances...

I go see the orthopedist on Tuesday, at which point I'm hoping (masochistically) that he'll say I'm okay to start putting weight on it *and* start PT. (Which may also mean coming off disability. Yay!)
thebluerose
Jun. 26th, 2009 02:36 am (UTC)
I have another 15 years or so (at my current rate of payment) before I get that far

But I will have paid off a 30 yr mortgage in 20 yrs roughly, and Im pretty happy about that!

Huge CONGRATS!
nlbarber
Jun. 26th, 2009 01:49 pm (UTC)
It's been 15 years since I bought this house, and I think I started paying extra on principal the first year. Amazing how *slowly* it takes effect, or seems to, but eventually you can see it working...
mmegaera
Jun. 26th, 2009 06:10 am (UTC)
Congratulations!
coalboy
Jun. 26th, 2009 05:33 pm (UTC)
Paying off our mortgage was one of my best life decisions, I have concluded.
filkferengi
Jul. 4th, 2009 04:34 pm (UTC)
Congratulations! Should I cue up "What A Feeling," or do you prefer that your celebratory music actually be tasteful?

What's your schedule looking like, to get together for something celebratory?
( 14 comments — Leave a comment )

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