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Home Q&A Forum Promissory note termination options?

Consumer

Promissory Note

Connecticut

Asked on Jun 11, 2023

Promissory note termination options?

I recently signed a promissory note with a lender for a loan. I am now concerned that I may not be able to make the payments and am looking for options to terminate the promissory note if necessary. I need to know what my options are, as well as any potential consequences, regarding terminating the promissory note.

1 Attorney answer

Answer

Consumer

Connecticut

Answered 383 days ago

Thomas L.

ContractsCounsel verified

Business Lawyer
Licensed in Connecticut
Free Consultation

Contact the lender and request a resolution of your loan, that is, some terminating reduction. The lender is under no duty to assist you, and can sue you for the unpaid balance, get a judgment and then seize your property (bank accounts, cars, etc) to get the note repaid.

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