Why I hate banks

[JFN111]

The wife and I decided it was time to pay off the mortgage.
I called HSBC to have them send me the payoff package. They sent a "package" that had no payoff amounts or direction of where to send the final check.
July 1st came and went so now the bastards get another months worth of interest.
They make it tough to get a loan and tougher to pay it off. :banghead:

[graspAU]

Well if you are in the US then the semi-good news is that interest is paid in arrears, so the July 1 payment pays the June interest that you would have owed anyway on the payoff statement. You are accumulating a daily interest amount for July interest now. I have a different company, and they have all this stuff online if you register so you don't even have to talk to them. Does HSBC have the same thing? It might be the way to go.

Here, this says you can request a payoff statement online if you register for an account to login with (should be free): https://www.hsbcmortgageservices.com/faq_payoffs#answer2

[ToBeSelfEvident]

LOL, the day we paid ours off, the bank opened a "courtesy line of credit" against our equity and sent us a Visa card to make it easy to tap it. We never used the card, of course, but last year the bank insisted on seeing proof of homeowners insurance because it was required on all "bank-owned" properties. So I had to go in and "pay off" our $0 "loan" to get our house off their books. Some little German town probably bought a $5 million derivative bond based on the "potential" debt on our paid-off little 3 bedroom house. I was hoping my actions would trigger a worldwide derivative collapse, but no such luck.

So, make sure they don't immediately re-encumber the property as a special "service".

[Not Sure]

The wife and I decided it was time to pay off the mortgage.
I called HSBC to have them send me the payoff package. They sent a "package" that had no payoff amounts or direction of where to send the final check.
July 1st came and went so now the bastards get another months worth of interest.
They make it tough to get a loan and tougher to pay it off. :banghead:

Banks loans are not supposed to be "paid off."


(this guy wants to pay the remainder on his mortgage...uh, I don't know what to do...)

[JFN111]

Well if you are in the US then the semi-good news is that interest is paid in arrears, so the July 1 payment pays the June interest that you would have owed anyway on the payoff statement. You are accumulating a daily interest amount for July interest now. I have a different company, and they have all this stuff online if you register so you don't even have to talk to them. Does HSBC have the same thing? It might be the way to go.

Here, this says you can request a payoff statement online if you register for an account to login with (should be free): https://www.hsbcmortgageservices.com/faq_payoffs#answer2

I appreciate the info.
Thank you!

[elroy]

Deal with small hometown banks and S&Ls.

I wouldn't touch Chase, HSBC etc with a 10 foot pole.

We had a 25 year mortgage with a local S&L and paid it off in 13 years by doubling the monthly amount going to the principal.

We never had a problem doing this, while Chase can't seem to process 3 payments in a row without screwing something up.

Currently debt free and staying that way.