When to change auto debit mortgage payment to payment by check?

Real Estate Agent with Benchmark Realty LLC, Nashville TN 615.516.5233 TN 221117, 299512

If you are selling your home, you might want to change to payment by check when you put the home on the market. You will need to call your bank to check the procedure to stop auto drafting, and also call the customer service number of your lender to let them know.  

The reason to change is that, even though the closing attorney notifies the mortgage holder that the house is on the market and that the mortgage will be paid off, and requests final payoff amount and instructions, the automatic debiting will usually continue.

That is fine, except that the auto debit can continue even after the closing attorney has sent in the final payoff.

Suppose you closed February 27 (or, toward the end of any month).  You could very well see another payment come out of your bank account for March, and possibly even for April. Bank departments don’t necessarily ‘talk’ to each other and communicate. (We learned that during the recession when homeowners in distress would talk to the lender, think that foreclosure was on hold, then receive a foreclosure notice soon thereafter.)

Granted, it will eventually be sorted out, and you will eventually get a refund, but if you keep a close eye on your bank account so that you are not overdrawn, an unexpected debit could really throw you out of balance. 

If you are ready to sell or buy in the Nashville TN area this year, call us, John & Sarah Rummage, Benchmark Realty, LLC, to assist! We can quickly get your property on the market to sell, usually in less than a week, because we get professional photos made and work with the photographer's schedule. Direct: 615-516-5233. Or email us. 

Posted by

Sarah & John Rummage, Realtors®
Sarah Direct: 615-516-5233
John Direct:  615-945-1838

2500 - 21st Avenue South
Nashville TN 37212
Office: 615.432.2919


 Email me to receive a current list of any type property in the Middle Tennessee area. Write a short message about what type property you are looking for (for instance, 'condo downtown,' 'single family home in Belle Meade,' etc). 

Sarah is your Nashville, Middle Tennessee, USA, realty specialist. She specializes in executive homes. Also, seniors' downsizing, foreclosures, bank REO & Fannie Mae properties, investor buying and selling.  


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