Legal Question in Real Estate Law in Texas

at closing on 11/9/09 a principal reduction payment was made. the bank will not credit those funds until the first mortgage payment is made on 1/1/10. Is this legal for the bank to hold funds for 60 days? Arent they earnig house interest on money that is not theirs?


Asked on 12/14/09, 7:33 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

It is legal - and probably part of a loan agreement or closing instructions. Remember the golden rule - He who had the gold rules.

Read more
Answered on 12/21/09, 6:37 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Texas