Cash to Close Increased after CD was Signed

[Tony5568372]

Jurisdiction

Georgia

The original amount to close increased after my loan officer told me the paralegal had missed some escrow adjustments that had to do with taxes and insurance. I already signed the Closing Disclosure which I thought locked in the cash to close amount. I sign Friday and want to know if my assumption is right or if I should just cough up the money

 

[adjusterjack]

I already signed the Closing Disclosure which I thought locked in the cash to close amount.

Then I'm guessing that you didn't read it carefully enough.

Cough up the money.

The lender has no control over how much the taxes and insurance are and you have to pay them anyway.

There is probably some fine print in your paperwork that allows for last minute adjustments.

I just signed all my closing documents for a house purchase and one of them said this:



I bet you'll find something similar in your paperwork.

 

[flyingron]

That's why it's only GOOD FAITH ESTIMATE.

First, you are obliged to pay the money no matter what.
In order to recover anything, you have to show that they were not operating in good faith when they made the estimate. Welcome to home ownership.