Legal Question in Banking Law in Illinois

Banking, Mortgage

Bank made a mistake calculating my mortgage payment. For the past fifteen months they paid only the interest on my mortgage, without my permission. They took #375.59 for 15 months (total $5633.85). My principle owed remained unchanged. Now that we've found and corrected the payments they refuse to refund the $5633.85 to me.

It is my contention that they made the mistake, I derived no benefit from the 15 months of payments, and that they should declare the 15 months null and void. That they should return my interest payments and extend the mortgage 15 months to correct the difference.

Do I have a legal case? If so under which legal principle do I sue them?

Thank You.


Asked on 3/26/07, 11:06 am

1 Answer from Attorneys
Lawrence A. Stein Aronberg Goldgehn Davis & Garmisa, LLC

Re: Banking, Mortgage

You do not have a valid claim. The fact that the bank erred in not collecting principal payments for 15 months does not mean you get out of paying interest on the whole loan during that time. Maybe you could get a credit for the interest on the principal payments you should have made, but even that claim is likely invalid.

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Answered on 3/26/07, 11:15 am


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