Legal Question in Credit and Debt Law in Maryland
we signed a promissory note for 20,000 + 5000 profit to the lender (individual). after making the modifications to the home, the value of the home did not increase enough to refinance, so we began making payments on the loan (the promissory note was written for a 30 day loan, payment in full). Now, 13 payments later, the lender is requesting that we accept the terms of an email he sent today - stating the half of the payment will go to interest and half of the payment will go to the principle - OR repay the entire principle (20k) in 30 days. we have paid $7800 to date of the 25k loan.
1 Answer from Attorneys
It is unclear from your question, but it sounds like the lender is seeking to modify the terms of the original note and you are looking for advice on how to respond. That is very difficult to do without seeing the original note and the terms thereof, as well as the actual email from the lender. You should consider a more detailed consultation with an attorney on this matter. I would be happy to answer any further questions you have via email ([email protected]) if that would be helpful. Good luck.
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