Legal Question in Real Estate Law in California

can a closing statement be changed after signing

Recently we refinanced our home for debt consolidation. We were behind on some payments and needed to catch up.Since our credit score isnt A+ we were limited.Working with a broker,he told us he could get us a new loan,the interest rate was slightly higher and our monthly payment would increase,from $2395.00 to $2994.00 but he could get us 17,424.47 cash out. we could use the money to pay the difference every month & pay off back debts and better our credit scores,and in another 6-8 months refinance again and get a better rate.when the terms were agreeable the broker sent over a notary with the final papers for us to sign, everything appeared correct.

When the check arrived it was not in the amount of $17,424.47. the total amount on the check was $242.48.when I called the broker he told me that the amounts had changed because there was a prepayment penalty from the previous lender that they were unaware of,apparently they hadn't received he payoff demand until the following day.And the paper I signed was a only a ''borrowers estimated closing statement''.Escrow filled out a new settlement statement and stamped it being true & correct, No one ever notified me of a change, if so I could of cancelled within the 3 days. What can I do??

1 Answer from Attorneys

Related Questions & Answers

More Real Estate and Real Property questions and answers in California

Looking for something else?