Pay Day!

TODO FOR MONDAY:

  • call B of A (18006696607) and
    • confirm they are sending a mortgage payoff statement by mail
    • ask for the zip code associated with the wire account used for payoff
  • Call My Bank (18005318722)
    • Ask how i can wire more than $10,000
    • Ask if they can guarantee arrival before 6PM EST

Need to wait and see how expensive the Airbnbs get for the trip, but I’m definitely somewhere north of $44,352 (and the mortgage balance $45,933.71).  $1581 to go.  They also say to estimate the payoff fees as the size of another mortgage payment.

May 15 would then be about $47,552.  That would leave $1,619 for closing fees.  Pretty tight.  Much safer is June 1 which would be more like $49,652 vs. mortgage balance $44,913ish.  $4,739 for emergency fund and payoff costs.  In that case, I should request the payoff around 24 May.  I’ll need to check if they require me to mail it.

Wire or certified funds.

name loan number and property address

funds received after 6PM EST (I need to wire it well before 3PM).

printed payoff demand statements

verbal payoff figures are an estimate

$46,058.77 effective until may 15

 

Principal $45,933.71
Interest $55.06
Recording Fee $25.00
Reconveyance Fee $45.00
Total $46,058.77

$20 domestic wire transfer fee

It would leave me with $1,493 in savings.  My bank requires a zip code to wire money, and BofA did not provide a zip code in their wire instructions.  I’ll have to ask about that when I call on Monday.

I just withdrew all my money from the Betterment safety net.  It will take several days to hit my account.  Of the $840 gain, they say I might pay $343 in tax.  I guess b/c I haven’t held the investments for a  year, so it doesn’t count as a long term capital gain.  Fucked by taxes again!  Also, my bank limits online wire transfers to $10,000, so I’ll need to call them and see if they allow bigger wire transfers request via phone?

Payment Methods

Mail

ATTN: Payoff Dept

1950 N. Stemmons Freeway

Suite 6020

Mail Code TX1-160-06-19

Dallas, TX 75207

Wire

Bank Name: Bank of America

Location: New York, NY

ABA 026009593

beneficiary account name: MRC Account

account number 12356-19173

reference borrowers name and loan number

hours are M-F 8AM to 9PM EST

I ordered a payoff request via the automated phone system.  Interestingly, after I clearly asked for a mailed statement twice, they said they would send it to the address on record and asked me for a phone number.  Then said they had received my “expedited payment request,” which is the phrase they use to describe their $30 fax service.  I’ll have to call on Monday to confirm that they are mailing anything and not trying to charge/fax me something I never asked for.  It happened twice so it’s clearly systematic.  They just leave it ambiguous whether it is malice or incompetence.

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