What to do if I refinanced and signed all of the papers but a month later they contacted me to say that they made a mistake and did not include the PMI?

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What to do if I refinanced and signed all of the papers but a month later they contacted me to say that they made a mistake and did not include the PMI?

They need me to sign some papers to add the PMI. Do I have to sign these papers? Isn’t this their mistake and can I simply refuse? It is increasing my monthly payment by $70 more than what they had told me it would be.

Asked on October 18, 2012 under Real Estate Law, Oregon

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If the transaction closed with respect to the refinance that you have written about and there was some alleged error where the personal mortgage insurance (PMI) was not included in the loan, then it is too bad on the lender and the escrow company. You have the loan and the associated note secured by a trust deed. You do not need to sign any more documents to change things.


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