I had written a post about my problems with a payoff of almost $8,000.00 on my Sears MasterCard which for two weeks went missing.
I also posted about the loan that I received from my bank and Why there was a $25,000.00 HELOC with a payment of $231.00 and a $25,000.00 Fixed Rate account with a payment of $217.00! Both due on November 4th.
First, the $8,000.00 was not missing.
For some reason, CitiBank insisted that my loan officer and I had to be on the phone together to acknowledge the payment to the account?
It, (the payment) had been sitting on someone’s desk for two weeks!
No reason given on why … the same bank, (CitiBank) accepted and applied my payoff on the Costco Visa Card and wouldn’t do the same on the Sears MasterCard without the above hoops! (Three way call)
Both cards are owned by CitiBank.
The bank loan thingy was quite simple.
My loan officer opened a HELOC (home equity line of credit) which is akin to a credit card, took out all of the money and paid off the high percentage credit cards and deposited the rest into my savings account.
After doing that, my loan officer converted the HELOC account to a Fixed Rate account where my payments will be $217.00 a month from now on!
That HELOC account was charged $14.00 for interest and draw-down charges which is why there was a $231.00 payment due instead of $217.00
I wrote a check today for the $14.00 on the HELOC account which will effectively close that account!
She (loan officer) did it this way to save me on the appraisal and other fees associated with a regular Home Equity Loan.
I am now in a very good place with a lot more breathing room!
From almost $900.00 a month in payments to $217.00 a month!!!
I still have almost $100,000 equity in my home too!
The Math works out just fine!
Thank You Everyone!!