real estate screwup by bank

UPDATED: May 21, 2009

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real estate screwup by bank

if a bank mistakenly sends your mortgage papers paid in full do you still have to pay mortgage

Asked on May 21, 2009 under Real Estate Law, Illinois


J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

if the bank makes a mistake and sends a paid in full letter to you when your mortgage is not in fact paid in full you are still responsible for paying the mortgage

There is room for error in office banks etc where employees may make a mistake such as this one. It does not mean that the letter sent by mistake overrides money owed

If you pursued this the bank can illustrate the mortgage was not paid in full you cannot show it was because it wasn't and you are back to where you started. You always can contact a local attorney to ask about the areas specific policies but I do not believe the letter will in fact extinguish your remaining balance

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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