When does my first Mortgage Payment Begin?
I bought a property in DFW area of TX. I was out of the country when escrow closed. I gave Power Of Attorney to friend to sign for me. The 1st set of documents was signed on Dec 01, 2005. The 2nd was signed on Dec 7th. Escrow settlement papers showed that the Title Co prorated the rent (from Tenants) on Dec 8th. when they received the 2nd batch of documents that they sent to my friend and was signed on Dec 07. No Borrower’s copies of documents signed were left with my friend. The title co. Lady informed me over the phone that my first payment is due on 2/1/06.
The Mortg. Co. has sold the loan. Now the first Mortg Co. is asking for a payment they said was due Jan 1. They said that the papers were dated November 30th. & the loans got funded on Nov. 30. They insist that though we signed the papers on Dec 1 & 7, their papers were prepared & dated for November 30th & thus I am liable to pay mortgage on Jan 1 (3 weeks after we signed the papers)
They refused to answer:
1)How can my loan fund before we signed anything?
2)If my loan fonded 11/30/05 why then did they prorate the rent?
Pls, when did the building become mine? Finally, what should I do to make these people let me start paying my notes starting Feb 1, 2006?
Re: When does my first Mortgage Payment Begin?
There is no way to actually know when you became the owner without looking at the documents. The date on the deed and the date on the closing statement should show, but I’ve seen some cases where the docs were pre-dated. Also, two separate sets of closing documents is somewhat unususual as most closings involve only one signing. Why were there two separate sets of documents signed?
Jeffrey Hacker
Law Offices of Jeffrey R. Hacker, PC
16801 Addison Road, Suite 124
Addison, TX 75001-5112