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Why wouldn't it hold up if you signed it? And after how many years of litigation? And you're going to let the house go into foreclosure?



There are several reasons the contract would be unenforceable. The main reason is that typos and obvious mistakes in a contract just result in the corrected contract applying.

Even if it were totally clear that both parties really intended 30% interest, which would not be the case, most US states have usury laws, 30% is way above the maximum allowed by any state. So the contract is automatically void in most states.

http://www.lendingkarma.com/content/state-usury-laws-legal-i...

Even in states without usury laws, a mortgage at several times the prevailing rate would certainly be considered "unconscionable", making the contract unenforceable.




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