Will
Dallas,#2Consumer Comment
Fri, December 28, 2007
It is not uncommon to go to a loan closing and there is 2 copies of everything - you sign one and they keep it - they give the other one to you for your records. Only they need proof of the loan agreement with your signature for it to be valid. If you can't remember signing the contract pay the $35 to verify it, make sure it is your signature. Beyond a falsified signature it leaves only this -- If you don't remember ever signing a contract at something as important as a closing you either remember incorrectly what the terms were suppose to be or didn't read what you were signing. Good luck and let us know what you find.
Jay
Taylorsville,#3Author of original report
Fri, December 28, 2007
I did find our contract today. It does say that the interest rate would be 12.9% at 392.79 a month for 300 months. BUT the contract that I have is not signed by me anywhere. Every place that asks for the buyers signature is blank. My signature is NOT ON THIS CONTRACT. What does that mean? When we asked Vanderbilt for a copy of the contract they asked for $35.00 to send it. After talking to them for a month we finally talked to someone that was willing to tell us the pay off amount and has said that they would send a copy of the contract. That was yesterday. If my signature is on their contract I would like to know how they got it since it's not on mine. Has this happened to anyone else? Is the contract legal if there is not a signature on it?
Thomas
Anderson,#4Consumer Comment
Fri, December 28, 2007
I do hope you still have your paperwork, and I do hope that it stipulates the 15 year loan that you thought you had. So many people post here about what they "thought" their house, auto, etc. loan terms were but they had never actually READ what they had signed (agreed to). But if you were willing to pay $100K for a $32K trailer (by not reading what you signed) the bank will be happy to accept your money. FWIW Assuming your $393/mo does NOT include any escrow for insurance & taxes, a "25 year note on a $32000 purchase" would suggest 14.3% interest while a 15 year note [at $393/mo] on $32000 would suggest 12.43% interest.