What to do about errors in closing statements?
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What to do about errors in closing statements?
I purchased a primary residence home 2 years ago. A Recently after reviewing my files I noticed some errors and/or discrepancies in the documents provided at the closing table. Some examples are the property address would have a description such as: W Crestwood Dr or W. Crestwood Dr. or W. Crest Wood Dr. Also, the HUD-1 addendum to the settlement statement was not signed by the seller (Fannie Mae) under the section titled certification of seller in an FHA Insured loan transaction. Do I have any legal options or things to be concerned about?
Asked on March 10, 2011 under Real Estate Law, Idaho
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The first issue is a minor issue and you can speak to the settlement attorney or title company to issue an amendment and record it at that company's cost (not yours). Further, as to your issue of the FHA certification, you should absolutely again speak to the settlement company and Fannie Mae in this situation to rectify the error and issue you new documents or certification correspondence. If you have any problems, speak to your lender and file a complaint against the broker who should have checked this all out. Usually the concerns are about undisclosed fees, not so much about technical errors in the address. So the priority in fixing the issues is going to be first the FHA certification then the address. If you find out the reason FHA certification is not signed off is because it winds up not being an FHA loan, now you have a bigger problem and you would still need to file a complaint against the broker with your state's department of financial institutions.
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