Post CD and not bribing 20% down

[Eric Jones]

I recently bought a home and the seller brought credits to the table. This was a 20% down second home and the credits ended up making it so I did not need to bring the full 20% down to the table. However, the bank didn’t catch this (and I didn’t realize it was a rule I had to bring 20% and seller credits couldn’t be part of this). We are several weeks post closing, and the bank is calling saying that I need to bring additional money to the table. They want me to essentially pay the difference to them, and then they will reduce my loan by that amount.

 I am waiting to hear back from my lawyer. It’s around $2,000. I would obviously rather have that cash then the loan reduction. Are there any other solutions to this?

Thanks!

[Chris Mason]

Quote from @Eric Jones:

I recently bought a home and the seller brought credits to the table. This was a 20% down second home and the credits ended up making it so I did not need to bring the full 20% down to the table. However, the bank didn’t catch this (and I didn’t realize it was a rule I had to bring 20% and seller credits couldn’t be part of this). We are several weeks post closing, and the bank is calling saying that I need to bring additional money to the table. They want me to essentially pay the difference to them, and then they will reduce my loan by that amount.

 I am waiting to hear back from my lawyer. It’s around $2,000. I would obviously rather have that cash then the loan reduction. Are there any other solutions to this?

Thanks!

 You signed some paperwork at the closing table promising to help correct admin errors like this. And the funds are going to be applied towards paying the balance down, so it's not being stolen from you. I doubt you will win this one. GL.