My loan is in default and I just found out that my name was misspelled on my loan/mortgage documents. Am I still responsible for that loan? Would it be like a traffic tickets? If the cop misspelled the name.. you can walk away from it....
2007-11-26 15:51:35 · 5 answers · asked by insubordinate_bytch 2 in Business & Finance ➔ Renting & Real Estate
How about the opposite? You have $100,000 in the bank, but your name is misspelled. Does a bank keep your money?
Don't be silly.
2007-11-26 15:58:09 · answer #1 · answered by REALTOR 3 · 0⤊ 0⤋
Nope. That won't work. Somewhere in the pages of fine print you signed when you took the mortgage is an agreement on your part that the lender can correct any such errors without affecting the legality of the contract. Lenders have faced such situations many times in the past, and take the necessary legal precautions to prevent anyone from walking away like you seem to think you can.
2007-11-27 07:46:15 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
In your loan documents there is often a line or form that covers things like typographical errors and the rights of each party to correct them when discovered. It is often called the "error and omissions" clause or form.
Whether that is included or not, such a minor error as a name misspelling does not negate your responsibility to pay the loan.
2007-11-27 00:14:08 · answer #3 · answered by jon b 4 · 0⤊ 0⤋
You are responsible.... & for the record, if a cop mispells your name, location, date, time or anything else you are responsible as well. The days of getting by for typos have been gone since 1986
2007-11-27 00:01:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No, that's why they use other things to certify the person, like your social security. But, what the heck, what can yo ulose?
2007-11-26 23:58:53 · answer #5 · answered by libbygail_51 3 · 0⤊ 1⤋