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Company Loan Type APR Est. Pmt.

Change of points on loan after closing and without buyer knowledge

Posted on: 18th Apr, 2009 09:02 am
Purchased home in 12/05. Settlement statement had $5305.50 prepaid towards monthlhy HOA dues. I should have approx. 19 more months of dues prepaid. Recd statement from property mgr stating that I needed to begin paying monthly HOA dues. 1 month after closing and without my knowledge mortgage co contacted prop mgt co requesting $2780 of prepaid HOA fees to be returned because of change in points from 1.5 to 4. Do I have any recourse in this matter?
Hi sca,

Welcome to the forums.

First of all, the mortgage company should have informed you of the change in points. More importantly, if the contract has been signed with you having to pay 1.5 points, the company shouldn't have raised it to 4 points after the closing when you've signed all documents. I think you need to talk to the company asap and find out as to why they've raised the points. It's important that you get it clarified; otherwise, later on you may end up paying more charges in future.

May god bless you.

Samantha
Posted on: 18th Apr, 2009 09:58 am
i'm having trouble figuring out how points would have anything to do with homeowners' association dues.
Posted on: 18th Apr, 2009 11:08 am
Thanks for your replies. Here is a copy of the fax the rep. from the Property Mgt Co sent to me yesterday. ------ "Please forward this to who ever you need to for change in points on the loan that closed back on Dec 28th. There needs to be a correction to the HUD and a change of how fees where paid by the seller. There should have been a total of 4 discount points paid instead of the 1.50 points. This means we need to take $2780 out of the prepaid HOA dues to be applied to the points and that would leave $975.50 as prepaid HOA dues. The check for $2780 needs to be sent to my attn so I can forward it to the correct department."------
The date on this fax was 01/24/2006. I was never called about this change or asked to sign revised documents. My first knowledge of this was yesterday 4/17/2009. The Prop Mgt advised that I need to pay the HOA fees due, I feel that if I pay them then I am agreeing to changes made without my knowledge. I also don't want my credit rating damaged by this. Thanks for your time.
Posted on: 18th Apr, 2009 02:35 pm
What matters is the HUD that you signed at closing. Get an attorney right now.
Posted on: 18th Apr, 2009 07:10 pm
3-plus years have gone by with nothing mentioned? i am completely baffled by what you describe here. eric's suggestion is right on. go get a lawyer to unravel this.
Posted on: 20th Apr, 2009 05:56 am
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