Once you have refinanced a mortage, no one can re-open a paid-off account and tell you that you still owe money. It didn't SEEM right, and now I know all the laws.
A DEED of "Full Reconveyance" comes in the mail after you refinance. Keep all deeds in a very safe place: they are proof that you paid off a loan to whatever company is named on them, and that you are free and clear of that debt FOREVER.
ESCROW means: "OK, do the math, because we've got all the money in one place just for that purpose - this is your only chance." As consumers, we pay huge fees whenever WE make mistakes, but the people at the other end want us to pay for THEIR mistakes, too! Chase accused us of having written a bad check since our account didn't add up. This was two months after "closing." When they couldn't find the bad check, they admitted it was their own mistake, but never once apologized. They wanted us to pay them almost $1000 just to balance their books!
Once a refi is closed, it's against the law to re-open the account and start billing a person again. No one can ask for more money. We are still - two and a half years later - having trouble with the credit bureaus, and are now having to take THEM to Small Claims. The misery inflicted when a big company wants your money has to be experienced to be believed, but as consumers, we have to fight just for each other's sake. They send Collections after you, and collections people trick you into thinking they're garnishing your paycheck. (Can't be done without a court order - ever.) Never admit you owe a penny, because you don't!
Chase also reported "late" and "bad debt charge-offs" to the Credit Reporting Agencies in retaliation, which ruined our credit.
Yes, we paid all that money back ($77,500 in our case), always on time, but we're just an ugly, untrustworthy data-point to the world of banking. I asked "Executive Solutions" why they were doing this to us - $1000 is nothing to them - and they said, "Because the share-holders want us to."
(WE probably hold shares in JPMorgan Chase through our little 401k mutual fund!)
Chase has good legal counsel and we have already settled, but I made sure in the terms of the settlement that I could give other consumers a heads-up. I am not allowed to reveal the amount of the Small Claims settlement, but Small Claims is generous here in California. Small Claims is the only place you'll ever find GOOD FAITH. Small Claims is like seeking the wisdom of the elders in your tribe. Thank God for Small Claims!
(Never abuse the privilege.)
A deed is "absolute." A deed is "non-negotiable." A deed is "prima fascia evidence of its own veracity" - that is, proof of its own existence. End of story.
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