Legal Question in Credit and Debt Law in Florida
Highest rate of interest allowable
What is the highest rate of interest that is allowable when a mortgage and note are in default and provides for accerlation of interest?The mortgagor is a corporation and the amounts are $200,000.00 and
$500,000.00
1 Answer from Attorneys
Re: Highest rate of interest allowable
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
It would depend upon the language of the individual mortgages. You need to meet with a qualified real estate attorney who can read and review the instruments and provide you with the information you seek if you are unable to determine that yourself.
Scott R. Jay, Esq.
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