Mason, MI asked in Real Estate Law for Michigan

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.

Related Topics:
1 Lawyer Answer
Kenneth V Zichi
Kenneth V Zichi
  • Fowlerville, MI
  • Licensed in Michigan

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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.