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I have a second mortgage (line of credit) that I have been…

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I have a second...

I have a second mortgage (line of credit) that I have been paying for years - at one point I think it was sold. Never been late - at one point it was near $80000.00 and now nearing payoff - it's $11000. I could pay it off but the interest is so low I have been stringing it along. I just received a letter from them stating that they had audited my account and discovered that they "undercharged" me by over $6000 and would be adding that back to me balance. Can they just do that after all these years?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Tennessee

Lawyer's Assistant: Has anything been filed or reported?

I don't quite understand.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No - it's just been pretty straight forward

Submitted: 2 months ago.Category: Legal
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Answered in 11 minutes by:
12/27/2017
Lawyer: Barrister, Attorney replied 2 months ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 40,126
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

This stinks, but unfortunately yes, they can go back an correct an error on their part in calculating what you owed if they made a clerical or mathematical error.. As long as the mortgage is still in effect, and even up to 6 years after, they could correct any errors.

.

The contract that you signed states that you will pay a certain amount over the duration of the loan and they are legally entitled to hold you liable for that amount.

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So although it is small comfort, you aren't paying anything more than you would have (assuming that they prove what the error was and it is legit) because if they had done it right the first time, your payment would have likely been higher...

.

I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

.

.

Barrister

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Lawyer: Barrister, Attorney replied 1 month ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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Barrister
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 40,126
40,126 Satisfied Customers
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs

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