Wednesday, August 17, 2011

query: how do you correct a HUD-1 post closing

So long as you have the consent of the mortgage lender, if there is one, and all parties, you simply create a new version of the HUD-1.  I like to put a bold easily found notation on the top of the first page that says something like:

REVISED August 16, 2011 to correct the blah blah.

You could also say that the earlier version of the HUD-1 is null and void.  Have folks initial this statement on the first page to document consent and acknowledge they understand there is only ONE HUD-1 form.

The very important part about correcting a HUD-1 post closing is that you must make certain the correction matches with the actual flow of money.  The HUD-1 form is an official record of the movement of the money and it must be accurate.

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