Oct
11
mortgage fraud? i signed closing papers with 5.5% interest rate. when my bill came, it showed 6%?
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i just bought a house and closing papers i signed showed 5.5% interest rate. when the first mortgage bill came in the mail, the payment was for 6% interest rate. all my papers have 5.5% interest rate and i think some sort of fraud occurred. any insight?????
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5 Comments
September 19th, 2009 at 2:10 pm
Contact the lender. It may be a simple mistake. If they don’t respond, talk to your States Attorney. He can advise you where to proceed. Also, you can contact the Department of Financial Institutions for your State, and they can help.
September 22nd, 2009 at 5:51 pm
Could be that the APR (Annual Percentage Rate) is 6% The loan is for 5.5%, but when the fees they add are included it comes out to 6% APR look thru the papers, it HAS to state it in there somewhere, or call your lawyer (hopefully you had one at closing)
September 24th, 2009 at 11:06 pm
Don’t assume fraud when it could have just been a cubicle-monkey making a mistake.
But, either way, go back to them with your paperwork and have them fix it.
September 26th, 2009 at 12:24 pm
The note should be in your closing package. It will have the rate on it. If it says 5.5%, then the statement from the lender should also say 5.5%.
If someone doctored the note while the loan was being sold, it sounds like some hanky panky.
I would ask the lender to send you a copy of the note from their records.
I don’t know if it is possible that the rate was disclosed at 5.5% at the start of the process and then changed at some point later to 6%. That should have been re-disclosed within 3 days of the change or at closing whichever came first. I know from experience that if the rate on the note at closing was 6%, the change happened more than 3 days prior to closing and, therefore, it should have been re-disclosed prior to closing.
Don’t freak out, but get to work on it immediately.
Good luck.
September 28th, 2009 at 6:41 pm
The question is, was it your “closing papers” that stated 5.5%, or the initial disclosures? There is a difference. I would review the closing package you received at the closing company, and verify the 5.5%. Then, call the lender.
I seriously doubt it was fraud. Not how fraud works typically.