Legal Question in Credit and Debt Law in New York

Morgage ,Annual Per. Rate on note

I signed a morgage and note for a loan on my property for 12.35% annually and when it was sold to the present mporgage company they tell me it is a daily rate not annual.Now my NOTE says annual fixed rate that is what I signed for nothing else .What can I do to remedy this mist take in tranfer of my loan from on company to the other


Asked on 4/05/00, 10:22 am

1 Answer from Attorneys
Neil Ackerman Ackerman & Gallipoli, LLC

Re: Morgage ,Annual Per. Rate on note

Hi.

Sounds terrible. What interest rate are they saying you now owe? I want to see if there's usury here.

Also, you're sure your original note expressly sets forth that it was fixed for that amount? Do you still have it? THIS IS VERY IMPORTANT. If so, you may have significant other remedies.

Please get back to me with answers so I can help you further.

Good luck!

Neil Ackerman 516-228-8245

Read more
Answered on 4/18/00, 9:52 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in New York