Contract law mortgage switching currency

  • Does switching currency void your mortgage contract?

    No, a bank switching currency does not null and void a mortgage contract.
    A mortgage contract is a legally binding agreement between a borrower and a lender, and it is not affected by a change in currency..

  • Central bank digital currencies (CBDCs) are the digital form of a government-issued currency that isn't pegged to a physical commodity.
    They are issued by central banks, whose role is to support financial services for a nation's government and its commercial-banking system, set monetary policy, and issue currency.

Does a bank switching currency null and void a mortgage contract?

No, a bank switching currency does not null and void a mortgage contract

A mortgage contract is a legally binding agreement between a borrower and a lender, and it is not affected by a change in currency

Thank you so much! Good to know! You're welcome

A mortgage contract would not be voided because the contract is in the promissory note, Dias said. That promissory note states the money was loaned in U.S. dollar bills and is to be repaid in U.S. dollar bills. If the currency changes, the bank would have to amend the promissory note, not void the contract.

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