real estate screwup by bank

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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

Answers:

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

Answered 12 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


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