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CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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I was consolidating 10 loans down to 6. In escrow the title

Customer Question

I was consolidating 10 loans down to 6. In escrow the title company or the loan broker doing the loans paid off the wrong loan. They one they paid off was for the same amount but a much higher interest rate than the one they should have paid off. Can a loan be reinstated if it was paid off by mistake
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 1 year ago.
Dear Customer, thank you for using our service. I would like to assist you today. Responses may have a short delay for review and research.
Generally not. The escrow officer or title company may be able to undo this situation, but if they cannot, they are going to be liable to you for the difference between the two (fortunately this is an easily quantifiable money damage - the difference in interest that you would have paid had they paid off the proper loan vs. the one that they did pay off) is what they will owe you if they cannot fix the problem.
But, if this just happened, give them a chance to fix it, they may be able to. (also, see my note on "confirmation letters" below as you want to keep track of this matter).
Confirmation letters: Keep written records of all communications - so if you speak to someone by phone, promptly send a follow up "confirmation letter" summarizing your conversation, who you spoke to, when, and any agreements you reached. Keep copies of your outgoing correspondence, as well as anything that you receive.

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