Legal Question in Real Estate Law in Texas
Is a hud1 a legal binding document
If a hud1 form on a home loan refinance was filled out incorrectly and different from the truth in lending form and it has been over 13 months ago, can I hold the title company and,or the lending to the hud1 in court? Also the lenders instuctions are totally different as well.I never saw these instructions at closing, but I did obtain them 2 weeks ago?
2 Answers from Attorneys
Re: Is a hud1 a legal binding document
The purpose of a Hud-1 form is to provide an accurate accounting of all of the funds received and all of the funds paid out with respect to the transaction. Many times it reflects items that are not on the closing instructions such as curative items to clear title or lender requirements. Every penny must be accounted for since the title company has a fiduciary responsibility to the parties of the transaction. Regarding the inconsistencies on your disclosure and the HUD-1, I would suggest that you contact your loan officer or his/her supervisor to see why those instructions were not followed. It is not to late for adjustments to be made.
Re: Is a hud1 a legal binding document
Being a fee attorney with a title company, I would not touch that one with a ten foot pole. However, if you feel you were damaged by a HUD 1 or by failure to follow instructions, you should make an appointment with a lawyer to discuss your claims.
http://www.reasonable-doubt.com
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