What to do ifI signed a mortgage I signed a mortgage and after some investigatingI noticed on my application there was misleading information about my income?

They listed that I had a bank account with $22,000 and I made a $6300 a month salary which is also false. I tried to get a modification loan with another lender. I have the proper documentation to prove I did not make this amount nor did I have that much in my account. What can I do for legal recourse? The mortgage was taken out 5 years ago.

Asked on September 13, 2011 under Real Estate Law, New York

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Under the laws of most states in this country, a person who signs a document is presumed to have read and understood it absent fraud. Meaning, if there is a document that you actually signed in your own handwriting, it is presumed that you have read and understood it. The only way to dispute the document and its contents is if you did not sign it.

In your situation, you made a loan application seeking a loan. You signed documents in support of the loan five (5) years ago where you received the loan that you wanted. Now you are saying that there is false information in the very document submitted for the loan that you received and as such, your loan application and the resulting loan should never have been approved.

From what you have written, there is nothing that you can do to undo the loan you sought and received at this point.


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