Legal Question in Real Estate Law in Louisiana

Sale Of Property With Assumption Of Mortgage

I assumed a mortgage in 1999. After a couple of years I noticed what I believe to be errors in the figures that effected the installment terms in the assumption. According to the original Sale and Vendors Lien the mortgage was paid in full as of July 2003. The Assumption paperwork references the wrong balance at the time I assumed the mortgage and adds additional installments to pay in full. The seller will not aknowledge the original buyer terms and insists I owe according to the figures on the Assumption paperwork. Am I obligated to pay the terms on the assumption paperwork? How can I get the mortgage released from the seller if he refuses to aknowledge that the mortgage is paid in full? Can the seller forclose because of notary errors that result in a windfall in sellers favor?


Asked on 9/30/03, 10:14 am

1 Answer from Attorneys
Nick Pizzolatto, Jr. Pizzolatto Law Office

Re: Sale Of Property With Assumption Of Mortgage

Simple mistakes can be corrected at any time. Whatever the "correct" figure is, is what you owe. Neither the seller nor the buyer can take advantage of simple "typographical errors."

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Answered on 10/01/03, 9:15 am


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