mortgage bill

mortgage bill

November 27th, 2009 by admin

mortgage bill
mortgage fraud? i signed closing papers with 5.5% interest rate. when my bill came, it showed 6%?

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?????

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.

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