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> There is no chance on earth prepayment of a loan was made without any sort of communication beforehand. I just paid off my mortgage recently. The lender (Wel
by 1024core 6y ago
> There is no chance on earth prepayment of a loan was made without any sort of communication beforehand.
I just paid off my mortgage recently. The lender (Wells Fargo) had absolutely no clue I was doing that. I never told them, and I never took permissions from them. They just got a check for the outstanding amount. Mortgage closed.
- whatok 6y agoWhat's your point? This isn't a mortgage. Mortgages are much more standardized and don't involve as many parties. Everyone involved with a corporate loan is going to want to have a discussion if there are unscheduled prepayments made. Even more so given that this is a distressed situation.
- addison-lee 6y agoSo you just placed a check in an envelope and mailed it to the bank with no other documents? What did you write in the "memo" field on the check? Edit: looking into WF's website below, you sent a check with your account number to an address specifically set up to receive mortgage payments—you are being disingenuous with your "comparison". https://www.wellsfargo.com/mortgage/manage-account/payments https://www.wellsfargo.com/mortgage/manage-account/payments
- Chris2048 6y agoThey didn't claim to send an anonymous check - they were responding to the idea that you need pre-clearance to overpay.
- rootusrootus 6y agoI imagine there is somewhat more formality around payments of 175MM than there is for 175K.