Incorrect Mortgage Disclosure Documents - Sign or No Sign?
Hello All,
I've closed on quite a few mortgages and refinances over my tenure as a real estate investor. I've always stood my ground in ensuring every document that is exchanged/signed/provided during this process is correct. It appears to have served me well, in ensuring the mortgage terms are correct and agreed upon when we go to close. Recently, I've been in a constant battle with a few refinances over their disclosure containing an incorrect escrow account (i.e. taxes and insurance for the mortgage) and overall monthly payment numbers (i.e. increased monthly payment due to escrow being added) because of this. Several times over the past few months, I've had to reiterate to loan representatives that, just like my previous loan (all of the loans I carry don't have escrow, we pay our own taxes and insurance), this refinance will have no escrow account associated with it. For some reason, each representative has stood their ground, stating you can remove the escrow account after you finish signing the documentation, within the 72 hour edit period after closing.
I have really pushed back and said 'No!' I'm not signing incorrect disclosures or closing documents and using the edit period to fix these irregularities. This seems really crazy to me and ridiculous, since I'm signing a contract with incorrect information on it.
Please give me your opinion on my stance. Am I correct in acting/feeling this way about these disclosures and the details at closing? I'm really shocked this is becoming more of an issue over this past year as I've been closing on over 5 loans.
Looking forward to hearing your opinions.
Thanks All.
Best,
J.