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Got a small loan through my bank and...

waloshin

waloshin

macrumors 68040
Original poster
Oct 9, 2008
3,560
394
What happened is they had me sign the papers that had December 2010 on them and not December 2009, they want me to come back and initial them saying that the date was wrong. So what would happen if I never verify the date was wrong?
 
waloshin said:
Funny thing is I already did and used it.
Click to expand...

Then what happens is they will kill your loan contract and demand the money back instantly because it is dated 2010 so the loan never happen and it becomes a mistake by the bank and they are allowed to recover their money.

You would be screwed.

I would just go in and take care of it. My guess is the bank is not in a huge rush to do it but does want it taken care of soon.
 
You're not getting over on a bank. But go ahead and try. Post results here.
 
waloshin said:
What happened is they had me sign the papers that had December 2010 on them and not December 2009, they want me to come back and initial them saying that the date was wrong. So what would happen if I never verify the date was wrong?
Click to expand...

I hate to say this, but it sounds like you are hoping that it invalidates your responsibility to repay the loan. It is a simple clerical error. Go in and take care of the matter. My mortgage had a document that I had to sign that said I would go in and fix any minor clerical errors like the one you described. Yours may as well.
 
From a banker's perspective, the answer to your question of "what happens if you never verify the date was wrong?"

Nothing happens.

It doesn't change the fact that you made the loan. It doesn't change the fact that you owe the money.

The only thing that may happen would be IF you ever are in default. Then the bank will show that they notified you of the error and sue you for non payment.

If you don't do as they asked, it could cause you trouble if you want a loan from them in the future.
 
Then perhaps the bank would wait until December 2010. However, they will still collect in the end regardless.
 
ucfgrad93 said:
I hate to say this, but it sounds like you are hoping that it invalidates your responsibility to repay the loan. It is a simple clerical error. Go in and take care of the matter. My mortgage had a document that I had to sign that said I would go in and fix any minor clerical errors like the one you described. Yours may as well.
Click to expand...

There is likely a POA to resolve typographical errors on your behalf should they find one.
 
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