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?

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1 Lawyer Answer
Bruce Alexander Minnick
Bruce Alexander Minnick
Answered

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

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