What is a Good Way to Renegotiate a Loan?
Full Question:
Answer:
Anything less than the required payment would be considered a breach of contract. What is required to be paid and when is a matter of the contract terms. I am prohibited from giving legal advice, as this service provides information of a general legal nature. If you feel the delay in sale has unfairly put hardship on your friend, I suggest discussing what you both feel is a fair renegotiation of the payments. If you modify or create a new agreement, it is advisable to put the modified or new agreement in writing. Please see the links to the forms below.
Promissory Note: A promissory note is a written promise to pay a debt and is typically signed at the time of the loan. It is an unconditional promise to pay on demand or at a fixed or determined future time a particular sum of money to or to the order of a specified person or to the bearer.
Cognovit Note: A cognovit note is a note in which the maker acknowledges the debt and authorizes the entry of judgment against him or her without notice or a hearing : a note containing a confession of judgment. This type of note is not valid in many States.
Collateral Note: A collateral note is a note secured by collateral. Same as a secured note.
Demand Note: A demand note is a note payable on demand from the person who is owed the money.
Floating Note: A floating rate note (or adjustable rate note) is a note where interest varies.
Recourse Note: A recourse note is a note where the default may result in loss of collateral and also personal suit and judgment. Most notes are recourse notes.
Renewal Note: A renewal note is a note that renews a previous note due date.
Unsecured Note: An unsecured note is a note that is not secured by any collateral but only the promise to pay (i.e. signature only is required to loan the money).
