Legal Question in Real Estate Law in Florida
Mortgage Pay off Higher then expected
When refinancing our mortgage of 23 years, we were notified that the pay off was thousands higher than it should have been. The new mortgage had to take the higher dollar figure. How do we get all of the
previous papers showing payments and how this conclusion was arrived at. We want to investigate
& see if the prior mortgage company owes us these funds. They haven't responded well to our correspondence.
1 Answer from Attorneys
Re: Mortgage Pay off Higher then expected
If you have a dispute with the lender, you may have to show by way of copies of bank statements, cancelled checks and prior statements from the lender what amounts should have been properly credited to the mortgage loan. Don't forget that in most cases, your monthly mortgage payment also includes escrow payments for your property taxes and homeowners insurance coverages which obviously do not get credited to your mortgage loan.
The lender has a duty to cooperate with its customers and provide an accounting or record of prior payments. If the amount in dispute justifies the hiring of a lawyer, retain one to protect your interests. Under the mortgage, you may have a right to recover attorney's fees and costs if you prevail. Seek the advice of counsel and good luck.
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