I recently closed my FHAloan. The notary told me I might get some money back from my downpayment if I had overpaid, so indeed I received more than what they said I should have. Now the bank is telling me they gave me too much money back, and that I need to repay some money or they will recall the loan or penalize me. Is this true?
We can't say what they should or shouldn't be able to do with your loan. It is difficult to "un-do" a loan, but what should add up is your closing statement. Ask the lender/servicer to go over your settlement statement with you, line by line. The math should be undeniable as to who was to pay how much to whom and where those funds are coming from. This should be on your HUD-1 Settlement Statement already, but ask for an explanation. You do need to know in advance what bills you were liable for in your agreement.
The end result may show that they refunded you too much money. If that is the case, do the right thing and give them a check. You wouldn't be out any money you shouldn't have paid in the first place.
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We can't say what they should or shouldn't be able to do with your loan. It is difficult to "un-do" a loan, but what should add up is your closing statement. Ask the lender/servicer to go over your settlement statement with you, line by line. The math should be undeniable as to who was to pay how much to whom and where those funds are coming from. This should be on your HUD-1 Settlement Statement already, but ask for an explanation. You do need to know in advance what bills you were liable for in your agreement.