Tuesday, April 6, 2010

What You Get For The Money

If you've ever sold a home or refinanced, you've probably seen this. We recently refinanced, using the same lender that held our original mortgage, who nonetheless sent us a form payoff letter indicating receipt of payment in full and wishing us the best for the future. Toodle-loo.

This struck me as wrong. What if we hadn't refinanced, but had actually come to the end of thirty years and mailed in the final payment? You mean to tell me all those dollars would only merit a form letter?

I asked my husband if this seemed anticlimactic.

Him: I guess. A bit.

Me: You'd think they would at least send us a complimentary Hershey Bar.

Him: They probably think, if you've paid off your mortgage, you can afford to buy your own Hershey Bar. And remember, we have not paid off our mortgage.

Me: Minor detail. There should be more fanfare. What is the incentive to keep paying the note every month for thirty years if you're only going to be rewarded with a form letter?

Him: The incentive? Not being evicted and foreclosed on.

Me: Minor detail.

I have some suggestions for banks. Perhaps the letter could be delivered on very nice paper, with a gold pen or a watch. Even a coupon for free fries with a cheeseburger purchase would be an improvement. We will have given you hundreds of thousands of dollars... won't you consider sending a fruit basket?

It's the least you could do.

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