Q: Hi- We closed on a new home on 9-14-22, on 12-21-22 we received a call that the lendor miscalculated our payment.
On our mortgage paperwork at closing showed our principal/interest payment was $1,100. They said they miscalculated and said it’s now $1,500. They offered to pay $800 for the 2 months that were miscalculated. Just want to know if we are legally obligated to sign a new closing disclosure with new terms? This is raising our mortgage by $400/month, we might’ve not bought the house if we knew this.
A:
Without reviewing your whole closing package it is impossible to know what your situation is. Did you sign an ‘errors and Omissions’ addendum? What exactly is the ‘error’? Something with your escrow? Did you have an attorney review the paperwork before you closed? They might have caught the issue but that is water under the bridge for you.
At this point, it is VERY important that you bring all the closing paperwork to be reviewed by a local licensed attorney to determine what if anything can be done at this point.
There may be something to do but it’s unclear what without reviewing the documents.
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