Wednesday, January 27, 2010

Take that, evil mortgage company!

I still don't know for sure if our mortgage woes are behind us. They have stopped sending us nasty foreclosure notices. I sent the February payment and I verified that it has been correctly applied to our interest and principle. I have had to go back to paying with a paper check and coupon, sent through the mail since the people of PHH Mortgage are clearly not to be trusted with online payments. My theory for how this happened in the first place is that we sent our payment too early. I sent the December 1 payment on November 23, and it cleared with them on November 27th. I'm assuming whoever processed the payment thought it inconceivable that anyone would send a mortgage payment four whole days early and automatically applied it to escrow, which is what mortgage companies do when they get random extra payments from customers. WHY anyone would want extra money applied to their escrow is a mystery to me, and why someone would see a payment made out to the EXACT some-odd dollars and twenty-four cents that is our regular payment and not recognize it as such is an even bigger mystery. What I really want--an official PAPER letter acknowledging their mistake and our good standing--they stubbornly refuse to give me. Apparently we should be grateful that they didn't wrongfully deprive us of our house.

Jon, who sometimes displays a disappointing lack of grasp of the situation, declared that we will just get a new mortgage company. As if it were as easy as switching to a different brand of ketchup. I don't want to go to the trouble and expense of refinancing just so we can have a different group of assholes to deal with. I had a better idea anyway: pay the loan off early. I discovered a fun early mortgage payer calculator and discovered that if I stick to the somewhat ambitious, but sill affordable payment plan I've set up for myself, we will shorten the length of our loan by fourteen years and save $92,000--and it would give me great pleasure to deprive PHH Mortgage of $92,000.


  1. My husband used to work for Fannie Mae and, early in his career, wrote a computer program that was a similar mortgage calculator. When we bought our first house, we had a lot of fun seeing how much we could save if we paid an extra $25, $50, or $100 per month.

    We just went through a similar series of calculations for our new house and figured out how much extra we can afford and how quickly it will pay down our mortgage. I think we're on track to cut at least 10 years off a 30-year-fixed.

  2. Depriving them of $92,000 is the best revenge.

  3. We always pay extra--hate being beholden to "the man." But I'd be so miffed at not getting a proper apology for your trouble. HOW can they get away with such shoddy treatment of people???

  4. This is a good plan. I mean, definitely the money loss will ultimately hurt them the worst. I just wish there was a more dramatic way you could stick it to them. Maybe when you send in your final mortgage payment (14 years early) you could include a transcript of these recent events along with an outline of your evil plan and an 8x10 glossy of your family flipping them off?

    Never mind. Your way is much classier.