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Mortgage Lender Made A Mistake (1 Viewer)

chet

chet

Footballguy
We own a rental property and just put a loan on the property. The broker that arranged the loan sent the following this am:

On a side note, XXXX, who will be the lender on the new loan for xxxx was auditing the closing documents and there was a glitch in the system and only the interest payment appeared on the documents, NOT the principal and interest payment. We will need to get some documents resigned but we will follow up on that next week.
Click to expand...
The mortgage just funded in the last week or two and now they want to amend the documents due to their mistake. Anyone have any experience with changing documents after closing?

 
I am pretty certain there was a document you signed where you agreed that if there were errors or omissions in the closing documents, you agree to sign the corrections. Happens too often, and they cover their arses pretty well.

 
jon_mx said:
I am pretty certain there was a document you signed where you agreed that if there were errors or omissions in the closing documents, you agree to sign the corrections. Happens too often, and they cover their arses pretty well.
Click to expand...
Yep limited power of attorney.

 
Contracts are like magic. Read everything you put your name on with these guys. There's a ton that can go wrong for them if they've been lax, but be ready to concede if they had actually thought everything through.

 
jon_mx said:
I am pretty certain there was a document you signed where you agreed that if there were errors or omissions in the closing documents, you agree to sign the corrections. Happens too often, and they cover their arses pretty well.
Click to expand...
Always. At closings, I always save this document to be the last one signed, just for the humor value--"After all those documents you just signed, this one says that if there's anything wrong with any of them or if the bank decides they need anything else, you agree to sign whatever they need."

 
apalmer said:
jon_mx said:
I am pretty certain there was a document you signed where you agreed that if there were errors or omissions in the closing documents, you agree to sign the corrections. Happens too often, and they cover their arses pretty well.
Click to expand...
Always. At closings, I always save this document to be the last one signed, just for the humor value--"After all those documents you just signed, this one says that if there's anything wrong with any of them or if the bank decides they need anything else, you agree to sign whatever they need."
Click to expand...
Is that the post closing agreement? What if they ####ed that up too and didn't have me sign it?

 
Fight 'em. Those bastards only deserve the interest. Send me a $10K retainer and I'll get to work on it.

 
chet said:
We own a rental property and just put a loan on the property. The broker that arranged the loan sent the following this am:

On a side note, XXXX, who will be the lender on the new loan for xxxx was auditing the closing documents and there was a glitch in the system and only the interest payment appeared on the documents, NOT the principal and interest payment. We will need to get some documents resigned but we will follow up on that next week.
Click to expand...
The mortgage just funded in the last week or two and now they want to amend the documents due to their mistake. Anyone have any experience with changing documents after closing?
Click to expand...
chet said:
We own a rental property and just put a loan on the property. The broker that arranged the loan sent the following this am:

On a side note, XXXX, who will be the lender on the new loan for xxxx was auditing the closing documents and there was a glitch in the system and only the interest payment appeared on the documents, NOT the principal and interest payment. We will need to get some documents resigned but we will follow up on that next week.
Click to expand...
The mortgage just funded in the last week or two and now they want to amend the documents due to their mistake. Anyone have any experience with changing documents after closing?
Click to expand...
Some on probably checked the interest payments only box when drawing the docs rather than fully amortizing. This seems like an honest mistake. I am assuming you want to amortize the loan so should not be a big deal to update. The new documents will obviously supersede the first set.

 
Why'd you put a loan on the rental? Do you need some cash? I can float you a hundo if you need it.

 
chet said:
apalmer said:
jon_mx said:
I am pretty certain there was a document you signed where you agreed that if there were errors or omissions in the closing documents, you agree to sign the corrections. Happens too often, and they cover their arses pretty well.
Click to expand...
Always. At closings, I always save this document to be the last one signed, just for the humor value--"After all those documents you just signed, this one says that if there's anything wrong with any of them or if the bank decides they need anything else, you agree to sign whatever they need."
Click to expand...
Is that the post closing agreement? What if they ####ed that up too and didn't have me sign it?
Click to expand...
I am sure out of the 50 places you put your signature, many of them stated you were obligated to pay the principle back also. But seeing Christo is willing to take the challenge to represent you case for a mere $10K, I am thinking you have a chance.

 
Last edited by a moderator:
agree with the above...........or, you can be difficult. but if you are, they will hold a grudge, i would and do when it comes to this stuff.

 
jon_mx said:
chet said:
apalmer said:
jon_mx said:
I am pretty certain there was a document you signed where you agreed that if there were errors or omissions in the closing documents, you agree to sign the corrections. Happens too often, and they cover their arses pretty well.
Click to expand...
Always. At closings, I always save this document to be the last one signed, just for the humor value--"After all those documents you just signed, this one says that if there's anything wrong with any of them or if the bank decides they need anything else, you agree to sign whatever they need."
Click to expand...
Is that the post closing agreement? What if they ####ed that up too and didn't have me sign it?
Click to expand...
I am sure out of the 50 places you put your signature, many of them stated you were obligated to pay the principle back also. But seeing Christo is willing to take the challenge to represent you case for a mere $10K, I am thinking you have a chance.
Click to expand...
Retainer.

 
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