楊清泉律師 - NO EXCUSE FOR NOT READING LOAN TERMS PART 1
楊清泉律師事務所
How many times have you heard someone say that he did not know what he was signing because he never read the loan documents? Certainly, many debtors think that not reading the loan documents is a legal defense to a lawsuit for collection. The problem is that your signature at the bottom of the document is evidence that you read and understood the contents of the document. In fact, when presenting a document that is signed by the party into evidence at trial, all the lawyer has to do is show the document to the party and ask him if the signature is his. If the party admits that he signed the document, the contents of the document are evidence against him.
In Re Brack debtor and his father, borrowed $465,000 in March 2010 from Lincoln Finance Co. secured by mortgages on three properties. Two of these properties were owned by the debtor as an individual, and one of the properties was owned by the debtor and his father together. Among the documents the debtor signed at closing of escrow was a "Business Purpose Affidavit." The debtor said that he did not read the documents he signed at closing, but nevertheless signed them because his father said that that is what he needed to do in order to be repaid the money his father owed him. "When I signed the documents on March 2, 2010, I was doing the one finger push up with my left index finger. With my right hand, I was signing the loan documents. My left eye was watching a speech by President Obama, and my right eye was watching a speech by Mitt Romney. Therefore, there was physically no way for me the read the loan documents that I was signing. In fact, I did not know that I was signing loan documents as a co-borrower or that I was granting mortgages on my primary residence or on the properties that I owned. I did not know that I was borrowing money from anyone; I thought that the purpose of the documents was that my father could repay me. I did not realize that the documents I had signed were loan documents until I was sued by Lincoln in Norfolk Superior Court in late 2010. Up until that time I did not know that my father had received any money in connection with the papers that I had signed in March 2010," the debtor said.
In Re Brack debtor and his father, borrowed $465,000 in March 2010 from Lincoln Finance Co. secured by mortgages on three properties. Two of these properties were owned by the debtor as an individual, and one of the properties was owned by the debtor and his father together. Among the documents the debtor signed at closing of escrow was a "Business Purpose Affidavit." The debtor said that he did not read the documents he signed at closing, but nevertheless signed them because his father said that that is what he needed to do in order to be repaid the money his father owed him. "When I signed the documents on March 2, 2010, I was doing the one finger push up with my left index finger. With my right hand, I was signing the loan documents. My left eye was watching a speech by President Obama, and my right eye was watching a speech by Mitt Romney. Therefore, there was physically no way for me the read the loan documents that I was signing. In fact, I did not know that I was signing loan documents as a co-borrower or that I was granting mortgages on my primary residence or on the properties that I owned. I did not know that I was borrowing money from anyone; I thought that the purpose of the documents was that my father could repay me. I did not realize that the documents I had signed were loan documents until I was sued by Lincoln in Norfolk Superior Court in late 2010. Up until that time I did not know that my father had received any money in connection with the papers that I had signed in March 2010," the debtor said.
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