My mortgage company has sold my mortgage to another institute. Is there a way to transfer the current pay off from the original mortgage debt folder to the new mortgage debt folder?
I tried to use a new transaction and pick the transfer tab but it won’t let me transfer debt accounts, it states I have to use the Debt tab to record a Debt transaction.
I’d like to transfer the info so I can keep the transaction history of the original mortgage loan if possible, just thought I could transfer the payoff total from original to new debt account.
If I understand your question, I think your best bet would be to create a new debt with the new mortgage terms and then just adjust the balance of the prior loan to 0. Don’t “pay it off” with a transaction (which would debit an account) just go to the Accounts tab, then Add/Edit and change the balance to zero.
You can delete the old envelope if you want; it won’t delete the transactions and they’ll still be searchable by payor name.
Would that do the trick?
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That work great. Thank you.
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