So, 3 days after my closing I get an URGENT email from my RE attorney FWD: from bank demanding I owe them $29,000 for a mathematical error on their behalf. I researched it all ways I could to see if this was even legal after docs were signed and checks were cut. But, SERIOUSLY not one person noticed a huge chunk of money not factored into my payoff statement?
But, from my gathering it seem as though its rightfully their money even its a fault on the banks end. This cut my profit from this "buy and hold" a decent amount, especially unexpectedly.
I'm sorry I most question the mathematical intelligence and logic behind this banks finance department, and employees who calculated the payoff. its complete negligence! A few eyes had to examine this to make sure a couple of dollars wasn't miscalculated or any small error...BUT A $29,000! ERROR! Should I question and look into such a large error that almost seems a bit shady??? I never saw proof of error documents or even an explanation from my own lawyer. Just a demand of payment and 24 hour deadline. I have read reviews on the bank and it seems it has happen to many others. But, not to this large amount. Advice?
At the closing you most likely signed a document committing you to provide what is necessary to rectify any errors or omissions of this type that may be discovered post-closing. That said, you also acknowledge that the money is owed by you to the bank. Therefore, irrespective of fault, blame, negligence or just plain sloppy math, you are likely legally responsible to pay. Yes, you need to see the math and ensure the calculations are now correct. At one point you agree they are owed and at another point you question the accuracy of the debt. You are entitled to see the calculations and they are entitled to what they are owed. Sit with your lawyer, go over the math and be sure to bring your checkbook. And then put it behind you and move on to your next "buy and hold." Good luck.
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