Legal Question in Business Law in North Carolina
A mortgage company places a consent for judgement on the homeowner.The company say in the judgement order, the defedant will pay the contract interest rate of 11.75%. Util the judgement is entered and thereafter 8% until paid in full.
Asked on 12/29/11, 7:55 am
1 Answer from Attorneys
What is your question and why is this a business law issue?
This is a real estate issue and if a mortgage company is involved it sounds like the home was foreclosed on and a deficiency judgment was sought. The mortgage lender gets awarded pre-judgment interest at the contract rate. After judgment is entered, the maximum rate of interest accruing on the judgment is 8% per year.
Depending on youir circumstances, bankruptcy may be the best bet.
Answered on 12/29/11, 10:39 am
Related Questions & Answers
-
I rent space for a business in a strip mall and the roof has developed major leaks... Asked 11/29/11, 11:12 am in United States North Carolina Business Law
-
The Tarvern's secret recipe for its pizza would be considered as what? Asked 11/20/11, 5:14 pm in United States North Carolina Business Law
-
Michelle is hired as a corporate executive for a large corporation. She signed a... Asked 10/25/11, 12:57 pm in United States North Carolina Business Law
-
Hello. We are part owners in a company. Every year profits and losses are reported... Asked 10/12/11, 11:16 am in United States North Carolina Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
