Financing in 13080>Question Details

jrowan, Home Buyer in Syracuse, NY

Can the bank tell me my payment book was wrong after having made payments for almost a year?

Asked by jrowan, Syracuse, NY Fri Nov 16, 2012

My home closed Jan 20012. I've been making my payment on time and always a little more.Taxes/home owners are not escrowed. A couple weeks ago I was looking to refinance my home at a better rate. It ended up that I could still pay it off early without refi. Today I receive a letter in the mail saying that my payment book amount has been wrong: 491.81 and it should be 491.94. It is only a few cents and translates into about 40$ over the life of the loan. It came from quality review from a loan processor. It's a form letter. Is this legal?

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Sometimes banks make adjustments throughout the year to account for insurance & tax payments. They may not have calculated the insurance correctly & are doing so now.
0 votes Thank Flag Link Sun Dec 23, 2012
When it comes to any necessary legal advice, it's best to consult with an attorney, most professionals do offer a free consultation...
0 votes Thank Flag Link Sat Nov 17, 2012
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