Mortgage question?

Question

I have had my mortgage for almost 5 years and somehow a credit for 59,000 showed up on my statement a few months ago...i did obtain a payoff for the home...I should really owe 65k but i only owe 5k now...if i were to pay it off and sell could there by any problems for me in the future. This is obv the banks error and not mine? Thank You

Answer 1

If the credit is in no way yours, then the bank will (eventually) find out that they made an error and will debit your account for the funds - back to the original credit date.

If you were to close the account, then the bank will come after you to pay back the money since you were given the credit in error.

Answer 2

If they've made one error, they may have made plenty more. Before you do anything, check that they haven't screwed up your interest calculations. I read a report the other day that 54% of mortgages have errors in them.

For all you know they may have overcharged you 6,000 over the past 5 years.

Use a spreadsheet or download one of the better Mortgage Checkers (http://www.homemoneymanager.com/home-loan-interest-manager.html ) out there.

I use the one from http://www.homemoneymanager.com

You can download a free trial and check your statements yourself. I also had a discount coupon worth 50% off , which may still work for you if you decide to buy the software (type in LOAN-CHECKER).

Good luck.

Answer 3

They will find the error in their audit most likely. You will be liable to return those funds if you sell or dispose of the home.
Dont risk it.

Answer 4

What did you learn in Sunday School and from your parents.

You have a decision to make.I for one hope that you make the correct decision.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 5

You have a moral obligation (as well as a legal responsibility to pay your loan as agreed) to advise your lender of the misapplication of funds.