Got the wrong address on your mortgage documents? Don’t worry too much about a typo on your mortgage documents.
Q: My mortgage documents list my property address incorrectly. It’s a small typo. The lender misspelled the name of my street. Will this cause me problems when it comes time to sell my property? I can’t imagine that this is going to be an issue, but then again, I read about how small things turn into really big problems on the day of closing.
A: In the grand scheme of things, this typographical error shouldn’t cause much harm in the future. While it would be ideal to have the lender take care of it now, you shouldn’t worry that this will kink up a future home sale.
Your mortgage documents identify your home in various ways. One of those ways is through the address of the home. Another way to identify your home is through the legal description. The legal description is a detailed identification of your property that would have arisen with the recording of a subdivision plat or an accurate survey of the land on which your home sits. Finally, your mortgage documents probably identify your home through your tax parcel identification number.
Frequently, the least important piece of identifying information is, counter-intuitively, the actual address of the property. If the legal description is wrong, the mortgage documents would or might be recorded and affect the wrong home.
Depending on your state and the manner in which legal documents are filed or recorded, they might be recorded or filed according to the tax parcel number or the legal description. If that information is correct, the lender still has a valid lien on your home even if the name of your street is misspelled.
We don’t think you need to worry much about the documents. What you need to make sure is that you do receive all correspondence the lender sends you. You don’t want to miss mortgage statements or year-end tax statements they will send you, as well as any other notifications relating to your loan.
If you are getting their correspondence and everything else seems in order, you’re probably fine. You might want to make sure your tax bills still come to you and the typo somehow has mixed up the taxing office.
The one thing that you need to remember is that the loan documents are there to protect the lender’s interest not yours. If the lender’s error causes the lender a problem down the road, that will be an error they will have to take care of and suffer the consequences of their failure to correct it.
One final thought note: If in the future you receive junk mail with your street name misspelled, you’ll know that your lender might have sold your name and address to that mailer. To opt-out of receiving that type of mail, you can contact your lender and fill out the form requesting to opt-out of receiving their partners and other marketers’ mailings.