Legal Question in Real Estate Law in Florida

Hi, I did a mortgage from my IRA. The Borrower has been late on just about every monthly payment for 3 years. The contract states that after 10 days, I can charge 10% interest on his interest only monthly payment. How far back now (months, years) in past payments can I go to request interest on late payments? Also, the mortgage was to be paid off this past Nov. 1, 2015. He decided not to and now wants to pay it off Dec. 1, 2015. Can I charge him the over 10 days late 10% interest on the whole principal as well? Any help would be greatly appreciated. Thank You.


Asked on 11/30/15, 11:33 am

1 Answer from Attorneys
Barry Stein De Cardenas, Freixas, Stein & Zachary

You really need to have your documents reviewed by an attorney. Impossible to answer your inquiries without seeing the actual documents. Sounds like the closing is occurring tomorrow from you note, so I would charge the amounts and see what the response is to that.

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Answered on 11/30/15, 2:08 pm


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