Mortgage breach of contract

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Mortgage breach of contract

I am not sure if our mortgage company calculated our ARM correctly. Based upon the terms of our loan I feel it should be at 8.3%, they calculated 8.5%. Is this a breach of contract? Do we need to find a lawyer? What could come of this?

Asked on June 29, 2009 under Real Estate Law, Florida

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in this area of the law.  I would need to see a copy of the loan douments in order to determine the answer to your questions.  I suggest that you take the documents to a lawyer or an accountant to look at to figure out if the lender made a mistake.  If the lender miscalculated, then you should be able to get a credit for your money.  If they dispute the issue then you will need to hire lawyer to fight, especially if your claim has merit.


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