Newton, NC asked in Real Estate Law and Contracts for North Carolina

Q: Could a typographical error in a promisorry note cause me to lose the house I purchased?

During an owner financed real estate transaction, I signed a promisorry note. In a section titled PAYMENT it states I will pay the note back before 1/01/2029 via monthly installments, however under another section, BORROWERS FAILURE TO REPAY, it states "If I do not repay the loan amount in full before 1/01/2019, I will be in default".

This date has already passed. Does this mean I am in default and subject to foreclosure proceedings as defined in the accompanying deed of trust?

EDIT: (In response to Bruce's answer) my concern is that they will not foreclose for years down the road once I have already repaid a significant portion of the loan. According to the literal words of the contract, I AM "in default". I this possible?

Related Topics:
1 Lawyer Answer
Bruce Alexander Minnick
Bruce Alexander Minnick

A: Since today is July 19, 2019, the answer is obviously no. If you were in default you would certainly know it by now.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.