We closed on our construction loan five months ago. Now the bank says that we owe them and the contractor more money. The loan officer also admitted that it was a banking error. Are we obligated to pay this additional money to the bank and contractor on a transaction that was facilitated by a closing attorney?
There is not enough information here to give you an answer. It's possible that the problem stems from changes to the original building specification, or from increases in building materials costs. You need legal assistance in reading your building contract and your loan agreement. Please contact an attorney to help you determine what your obligations may or may not be.
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There is not enough information here to give you an answer. It's possible that the problem stems from changes to the original building specification, or from increases in building materials costs. You need legal assistance in reading your building contract and your loan agreement. Please contact an attorney to help you determine what your obligations may or may not be.
