Is this mortgage contract legal and binding?
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Is this mortgage contract legal and binding?
I have a non traditional mortgage co. with conv. financing @ 8% APR. The mortgage document states “bearing interest at the rate of NINE(8%) per annum”. Items on addendum to purchase were not fulfilled and disclosure statement is not complete. Cash sale agreement guaranteed taxes were paid to date of closing by seller and taxes due after that date were my responsibility. On settlement statement funds were taken from me & seller to cover the taxes. 3 months later seller forwards me tax bill with note that I must pay full amount due and I get note from mortgage co. asking for copy of payment.
Asked on May 12, 2009 under Real Estate Law, Louisiana
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
If you are asking is the house the borrower's free and clear of any mortgage simply because of a mistake in the mortgage documents, I would have to ask "are you kidding?"
Given the inherently inconsistent document the court would most likely look at other contemporaneous evidence to determine the intent of the parties.
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