after closing can a company say they made a mistake pls read

shortyheldberg · Joined: 17 Sep 2006 Posts: 10 5.30 Dollars($)

I recently bought a house and it closed 2/3 weeks ago. Then I get a call and they made a mistake on the mortgage Ins and want me to sign a new contract which would raise my payment. Can they come after me after closing and have me resign or is it their problem if I say no I'm not signing anything after closing this is now my house you they should of found the mistake and I'm not responsible.. Thanks Fred

sara · Posted: Thu Apr 03, 2008 10:40 pm Post subject: RE: problems after closing

Hi shortyheldberg,

welcome to the forums.

It's actually not your mistake. It's an error on the part of your mortgage company as they should have evaluated your financial condition and creditworthiness in a better way. Now if a new contract means a higher payment, then that's not fair.

I suggest that you tell them that you won't be able to move on with the new program and give them the option of either allowing you for the existing contract or else they cancel your loan. If the loan is canceled, then you can look out for another lender and a suitable loan program too.

Take Care

Guest 0.10 Dollars($)

I've heard of the right of rescission which allows you to cancel the loan within 3 days of closing but I'm not sure as to whether any lender should cancel the loan 2-3 weeks after the loan funds are disbursed. But they are the ones offering the wrong loan so they might be leniant.

Caron · Posted: Fri Apr 04, 2008 4:06 am Post subject: RE: cancel loan after closing

Hi Shorty,

Since it's the lender's fault, they may reconsider your loan. Please check out more on whether you can back out after closing .

Mac_7, rescission rights are not applicable in case of a home buying mortgage transaction.

good luck

0.10 Dollars($)

The loan closed 3 weeks ago and I've been in the house about 2 weeks also I noticed that they have 30 days that I would agree to mistakes made. My whole issue is that it been past 30 days that I signed the original docs and they want me to back date this to the date I originally signed and I don't feel that that is right they had 30 days not 33 to find any errors. Because it states compliance in 30 days or a timely manner. signed and funded can they still pull out. I don't want to pull out because I already moved in.. Thanks everyone

shortyheldberg · Joined: 17 Sep 2006 Posts: 10 5.30 Dollars($)

My main question about my first post on this page might not have been clear. Once I sign the docs and get approved and the paper states 30 days for change to any docs can be made 28th day 29th day for example but after the 30th day and the loan has been processed can the company that gave me the loan come back and say they made a mistake and didn't charge enough mortgage ins %. I thought after the 30 days it is a binding contract even though I signed a compliance paper that states 30 days not 31 or 32 days. It's like if I'm a day or two late with my payment I can't give an excuse and get the late payment penalties droped. also they are asking me to back date the new compliance paper. To me thats not at all right

Niicss · Posted: Tue Apr 08, 2008 3:41 am Post subject:

If you make late payments then it is up to the lender whether he will charge you a late fine or not. But as far as the mistake of the lender is concerned you should not suffer for it.

Let me know if you have any more queries.

shortyheldberg · Joined: 17 Sep 2006 Posts: 10 5.30 Dollars($)

Thanks for the replys. btw I don't plan on any late pmnts. This post was about the compliance agreement I signed, but it did exceed the 30 days after signing the original docs. I just don't feel comfortable when a company wants me to back date any papers or even a contract. This whole issue is over they want to raise my MI from 30% to 35%. I've complied with everything. I dont think I have to comply after the 30 day time frame as stated on the page of the doc.. Thanks again

Niicss · Posted: Wed Apr 09, 2008 5:46 am Post subject:

Welcome back.

I have said you that you should not suffer in this case as this is the fault on the part of the lender. So you can request your lender for continuing with the present rate and term at least for an year as before that you cannot refinance the mortgage.

If he does not agree with that then you need to consult with an mortgage attorney on this regard.

Let me know if you have any further queries.

evolovik26 · Posted: Wed Apr 09, 2008 6:29 am Post subject:

The waiver that you have sighned refers to clerical mistakes, your mortgage terms should not change. I whould talk to real estate attourney if they call the loan due or press you more.

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