Legal Question in Real Estate Law in Texas

My wife and I have an investment property loan with a local bank. It was a construction loan converting to permanent for 5 yrs. based on 20 yr amortization. The interest rate as we understood and were billed for was Prime + .50, with principal and interest adjusted annually to amortize at the 20yrs. The note said the payment at the time the loan converted to permanent was fixed based on Prime + .50 on the date. The difference is $20k!! The bank is asking for it. The error was on the loan docs. The bill we got and paid was accurate and or understanding.They didnt notice the error until I asked to change the payment date. I understand the note is the final agreement but cant we point to what I was billed for 3 yrs. as accurate and the note in error?


Asked on 12/09/10, 8:44 am

1 Answer from Attorneys
Donald McLeaish McLeaish&Associates;, P.C.

Yes...and look to loan application/the deed of trust/the orignal contract of sale..etc..but one would think the bank officer would help..without litigation...but if u need help, call us ...

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Answered on 12/14/10, 9:08 am


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