If a loan officer made a mistake, do I have pay for it?

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If a loan officer made a mistake, do I have pay for it?

I bought a house a year ago. Then 2 months ago I got a letter from my loan company saying I was over $1700 short. I called to find out why and they said that we did not pay for the first 7 months of taxes along with some other thing that I was to pay at closing; the bank had to pay it out. At the time we had the money but now I don’t know if I can make my house payment, whuch it went up $170 a month. Can Igo back on the loan officer for her mistake or am I just stuck paying for it myself?

Asked on March 30, 2012 under Real Estate Law, Kansas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

While the loan officer may have made a mistake, from what you write, the mistake was to not charge you certain costs you should have paid--i.e. the mistake did not impose any improper or unlawful costs on you, but simply gave you, in essence, extra time to pay and the use of the money for that time. This is not the kind of error for which you can take legal action (i.e. sue) over, since the loan officer's error did not damage you in a legally cognizable way (i.e. it hasn't cost you anything you would not have had to pay anyway). You would seem to have to pay this cost yourself.


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