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Maximum interest on delinquent mortgage notes - Posted by Susan
Posted by Susan on June 11, 2004 at 08:21:10:
I am working on behalf of a payor to pay off a delinquent
(and silent–the lender wasn’t informed) seller held second mortgage. The face value is only $6K, but with interest and late fees it is now three times that much. Is there some sort of cap on interest charges? All parties are in MA.
Susan
Re: Maximum interest on delinquent mortgage notes - Posted by River City
Posted by River City on June 14, 2004 at 14:10:18:
This is what Mass has to say about late charges:
Chapter 183: Section 59 Late charges or penalties
Section 59. No mortgagee, assignee or holder of a mortgage note secured by a first or subordinate lien on a dwelling house of four or less separate households or on a residential condominium unit occupied or to be occupied in whole or in part by the mortgagor shall require the mortgagor to pay a penalty or late charge for any payment made within fifteen days or in the case of a bi-weekly mortgage payment, more than ten days, from the date such payment is due. In no event, in assessing a penalty because of the delinquency in making all or any part of a periodic payment under a mortgage note, shall the penalty or late charge exceed three per cent of the amount of principal and interest overdue, and in calculating such penalty or late charge, any amount of such periodic payment representing estimated tax payments required by the terms of the mortgage note or deed shall not be included.
I hope you don’t collect. You can’t sue the borrower because you have committed fraud that carries not only monetary penalties, but also possible imprisonment. Email us from jail.
Why is everyone always trying to cheat mortgage lenders?
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Re: Maximum interest on delinquent mortgage notes - Posted by Susan
Posted by Susan on June 14, 2004 at 18:27:58:
Sorry if you misunderstood my post. I’m NOT the note holder. I’m attempting to negotiate a settlement on behalf of the borrower. They would like to refinance but this throws a wrench in their situation–obviously they don’t want to pay $24K on an $8K note! Any input/information/languaging you could provide/suggest would be much appreciated.
Re: Maximum interest on delinquent mortgage notes - Posted by Charles K. Clarkson (TX)
Posted by Charles K. Clarkson (TX) on June 14, 2004 at 20:28:44:
If I held the note (I hold a few now) and I knew you were representing the obligor, I might reduce the balance if you can show good reason, but I would be very reluctant. You would have to present a good case and you would have to show me how beneficial my reduction would be to me.
If the house was acquired by using the second in lieu of a down payment without informing the first mortgage holder. I might, as the seller, threaten to call the first to ask them if they would foreclose on their note due to non-payment of my note. They probably wouldn’t, but imagine my surprise when I found out they didn’t know about the second. Imagine the borrower’s surprise.
If you believe the stated or accrued interest is usurious, you should have rights under your state law. You’ll need to find the equivalent of your state’s Finance Code. In Texas, interest rates are set at 10% max for most loans. Each industry is then allowed an exemption to that maximum in the law. Your state’s law is probably similar.
In Texas, you must send a 60 day written notice to the lender informing them of the usurious interest. They can respond by lowering the interest rate and adjusting the balance. If they fail to respond you will have to sue. Check with a lawyer or with a free law counseling service for a copy of your state’s finance laws. I couldn’t find an on line reference.
I am not a lawyer.
HTH,
Charles K. Clarkson
Mobile Homes Specialist
254 968-8328
Re: Maximum interest on delinquent mortgage notes - Posted by Michael Leclerc
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