Legal Question in Banking Law in Georgia

mortgage issue

We recently sold a home and relocated. We received all documentation that the former loan was satisfied. Now, months later, the former mtg. lender says they made a mistake and we still owe them a substantial amt. of money. We thought this loan was cared for at the time of the closing. We do not have funds to pay them... Are they allowed to do this & if so, what if we can't pay... Whose responsibility is it to correct their mistake?!

We currently live in SC, closing was on a property in GA.


Asked on 1/08/07, 11:48 am

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: mortgage issue

The first thing to do is review the documents and your records, to determine whether you owe money. You don't mention what "documents" you reviewed. Get in touch with the closing attorney and ask them to review their files. Get an accounting from the lender. This is not something you need to hire, and pay, a lawyer to do, at least until you reach a dead end. That money may be better spent on paying whatever you owe - if you owe. If/when you do need to get a lawyer, a local SC RE lawyer may be able to help you. Also, it is better to get a lawyer whose primary practice is real estate, as they can often pinpoint the problem quickly based on experience.

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Answered on 1/09/07, 9:16 am
SHERRY RAGOLE RAGOLE & ASSOCIATES, LLC

Re: mortgage issue

You need to hire an experienced real estate attorney to determine your options. Call me if you want to know what that entails.

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Answered on 1/08/07, 12:42 pm


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