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If a Lender Made a Mistake

Mortgage Library: Ask a Mortgage Related Question: Answers: If a Lender Made a Mistake

Question:

Does a company have the right to come after the seller and buyer for more money months after they closed? Saying they made a mistake.

P.
Rockwood
Michigan

Answer:

Hi P.,

If you are referring to the lender or mortgage company coming after both parties for money with regards to a mistake they made, that would depend on the verbage in any of the application docs/disclosures you signed.

Some companies have an errors/omissions clause that says, if a mistake is made and can be proven, you have to pay up. If there is nothing like that, then I imagine its just a lot of hot air..

Good luck,

Craig Hesselberg
www.accelmortgage.com
888 391-0003
Licensed Virginia Lender


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