Legal Question in Real Estate Law in Virginia
We were promised money at settlement, now they say we owe!
We had settlement on our 1st home on 1/27/05. We were told we--name removed--get over $1100 back, now we're hearing (through the grapevine) that we'll owe. We're hearing they forgot to add the 1/2 point in the contract. Can they change it after the fact? Our first payment is due on 3/1/05 and we still haven't heard directly from the lender or the title company. I don't want to be late on our first payment, what should we do?
1 Answer from Attorneys
Re: We were promised money at settlement, now they say we owe!
If the 1/2 point was in the contract and the settlement company merely neglected to figure it into the calculations, you will owe whatever the adjusted amount is which includes this 1/2 point.
You should make your first payment on March 1, 2005, in whatever amount is reflected on your mortgage payment slips, or if you have not yet received such, then whatever you were told to pay
when you went to closing.
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