Legal Question in Real Estate Law in Oklahoma

Error in mortgage contract - Who's responsible?

We recently bought a house, and I just recieved a call from my new mortgage company saying that the contract for the mortgage was in error; it should have had the loan ammortizing in 15 years instead of the 30 that we signed and agreed to. They want us to sign a new (15-year) contract.

Who's responsible for the error? The lender? The title company? Us? Thanks in advance for your help!


Asked on 7/09/04, 11:17 am

1 Answer from Attorneys
Hunt John Urgentlegalcare.com

Re: Error in mortgage contract - Who's responsible?

It may depend on whether it was a mutual error in failing to discover that it was 30 years instead of 15 or just their error. I would assume that you knew what it was suppose to be long before you went in to close. If I were the mortgage company, I would be glad to collect an additional 15 years of interest.

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Answered on 7/09/04, 2:13 pm


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