If no specific method is refer to in a loan related to late payments
may the lender use any method he chooses.If so are there laws which
rechoir them to disclosed and time limits which those disclosures are
to be made |
Request for Question Clarification by
mvguy-ga
on
03 Sep 2003 08:57 PDT
To which jurisdiction (country and state or province) do you want the
answer to apply? Thanks.
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Clarification of Question by
souwant2know-ga
on
03 Sep 2003 12:23 PDT
This is for the state of California
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Clarification of Question by
souwant2know-ga
on
13 Sep 2003 14:08 PDT
In california must a lender make a demaned or send notice prior to
making a election on method of using late fees v defered intrust and
is there a greace priode for late payments in california
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Request for Question Clarification by
serenata-ga
on
13 Sep 2003 22:33 PDT
Hi Souwant2know ~
There are 'truth in lending' laws which are in effect for the State of
California which cover specific types of loans - that is, secured
loans (such as autos, furniture, etc.) and real estate loans.
It would help if you supplied us with information as to the type of
loan you are referring to ... a secured loan? a signature loan? Is
this through a lending institution? A bank or credit union? And the
terms of the loan agreement or Promissory Note with regard to late
payments.
The more information you can supply, the better answer you can expect.
Thanks,
Serenata
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Clarification of Question by
souwant2know-ga
on
14 Sep 2003 10:15 PDT
this is a note with a private lender it is a secured loan. the note
does not have any provisions for payments or missed payments other
then foreclosure, loan amount is 285,000 twelve percent amortized over
30 years due in 15 5% pre payment he is using a method of deferred
interest what I need to know is there's some sort of notice that needs
to be given time periods what laws cover this action private.I only
learned of the deferred interest after having made eight pay off
request because of the sell of the property
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