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I signed a closing doc on Thursday. I found out that the credit…

I signed a closing doc...
I signed a closing doc on Thursday. I found out that the credit report/loan application that was run by the lender didn't include the credit card balance under my old name after I got home. I notified the lender today by email. Due to the credit report error, the DTI changed from 24%/29% to 24%/33%. (conventional) The lender probably will change the term. Now, my question is what if they said it's ok. How do I protect myself if they say I don't need to resign the loan application? It's really hard to think it might delay the refi process, but I don't want to be charged mortgage fraud. Tomorrow will be the 3rd day, should I cancel it just to be safe? Please help.
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Answered in 2 minutes by:
9/18/2011
Ellen
Ellen, Lawyer
Category: Real Estate Law
Satisfied Customers: 36,715
Experience: 25 years of experience helping people like you.
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WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

WebLaw :

So sorry to hear of this dilemma. If my answer is not clear to you, please ask me for clarification by using the reply button.

WebLaw :

It does not appear to be necessary for you to cancel the transaction

WebLaw :

You have notified the lender

WebLaw :

You will want to keep a record of when and who you spoke to

WebLaw :


Please use the REPLY button if you have any questions concerning my answer. Otherwise please click ACCEPT so that I am paid by the site for answering.

Customer:

What if I signed the application with the incomplete information, should I ask the bank to revise it?

Customer:

Do I need to get something from the lender to proof that I indeed notified them? I notified them by email, will that protect me?

Customer:

are you there?

WebLaw :

I am here

WebLaw :

an e-mail notification would typically be sufficient -- unless your closing documents state otherwise.

WebLaw :

since you did not omit the debt with an intent to defraud you cannot be charged with mortgage fraud

WebLaw :

I hope that it helps to know this information

Thank you in advance for remembering to click accept. If you experience difficulty using the accept button, please let me know as JustAnswer pays me for my time only if the "accept" registers.

Customer:

Thank you for your help. Wish me luck.

Ellen
Ellen, Lawyer
Category: Real Estate Law
Satisfied Customers: 36,715
Experience: 25 years of experience helping people like you.
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Ellen
Ellen
Ellen, Lawyer
Category: Real Estate Law
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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