If I modified my mortgage to reduce my interest rate 10 years ago and in the contract it erroneously states that my loan will be paid off in 3013, can hold the mortgage company to that date?
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If I modified my mortgage to reduce my interest rate 10 years ago and in the contract it erroneously states that my loan will be paid off in 3013, can hold the mortgage company to that date?
I’ve never mentioned this to the lender but feel like my contract is binding. I have 6 years remaining.
Asked on October 10, 2015 under Real Estate Law, North Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Courts do not enforce obvious typos or errors of this sort they will enforce instead the reasonable and manifest agreement or intention of the parties. No mortgage would be for 1,000 years--the claim that that's when the mortgage is due to paid off is not one that a court would consider for even a moment, since it is clearly a nonsensical typo.
Rather, court would look to the term of the refinance as stated in the loan documents e.g. "a fifteen-year mortgage and/or to the date as calculated from the number of payments due.
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