Recent Promissory Note Expert Legal Chats

I am looking to consult with a attorney who specializes in Promissory Note that was done for Real Estate Mortgage with property as collateral. Need to ask borrower to pay as its past maturity date. I am the lender, and this Note was done for Real Estate deal as 2nd Mortgage with property as collateral and it has been past Maturity Date(April 28th 2023) and demand letter has been sent and need to ask borrower to pay as its past maturity date OR ask for extension. I may not need Demand letter as I created one and sent it and borrower has acknowledged it via email, so I believe I will consult on what are next steps to get principal paid back. Lets discuss...should be quick and simple. Property is in New Orleans, LA and Mortage and Promissory Note has been recorded in New Orleans, LA as well.

Dolan W.

Answered on Dec 18, 2024

Hello! My name is Dolan and thank you so much for contacting me! I just had a few quick questions for you: What reasons have they given for their delay in this case?

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Issue with borrower not paying as agreed. I loaned money to a start-up company. I bought $50k worth of stock. They reached out to me and offered 30% interest, so I loaned them $200k. At first, they paid but have now stopped. They’re saying that the 30% interest rate is illegal, even though they voluntarily offered it. Now they’re asking me to convert the debt into equity in the company, but I’m not interested. I just want to cash out. Can you help?

Dolan W.

Answered on Dec 11, 2024

Hi ***, and thank you for reaching out! My name is Dolan, and I’d be happy to help with this. I carefully review each question and provide responses based on my years of hands-on experience as a lawyer. It sounds like a complicated and frustrating situation you have. Before I get into specific advice, let me ask a few questions so I can get better information about this: 1. Do you have a signed agreement that includes the loan terms, specifically the 30% interest rate?
2. Have they provided any specific legal basis for claiming the interest rate is illegal?
3. Have they made any partial payments, or have the payments totally stopped? These details will help me tailor my advice to your situation.

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