Various clauses in a Note

Various clauses in a Note

By: Steven Baum attorney

Mortgage Foreclosure Lawyer in New York

A note is a written document where a person who borrows money promises to repay the amount owed under certain agreed upon terms and conditions. The Law Firm of Steven J Baum drew notes. Once parties agree on the terms, a note is drafted. This can be one of those “off the shelf” notes or sometimes you find them on the internet, or it can be drafted, for example by the foreclosure law firm of Steven J Baum PC. Maybe even Steven Baum attorney could have done it.

Is it better to have an attorney draft the note and you pay them legal fees? I think it probably is. Notes can be complicated instruments. Not all terms that you think are legal are in fact accepted by the law in your area. For example, the interest rate. You may not know the rate you as a lender are charging is usurious, or over and above what the law allows you to charge. Perhaps you bought a form off the internet and inserted an interest rate of twenty six percent. That certainly is really high but that’s what was agreed upon. You later find out, from an attorney of course and once the loan goes into default, that the maximum legal rate was twenty five percent. Your note is usurious, and you can’t collect on it. Even an experienced foreclosure lawyer in New York would tell you that. How to collect? Well, you probably can’t even if you went to a residential foreclosure law firm. You could even hire a commercial foreclosure lawyer and get the same advice.

Are you just stuck? Perhaps if Steven J Baum New York did the note you would not be. This mortgage foreclosure lawyer in New York most likely knows usury rates at least for a New York foreclosure attorney. Chances of collecting may be slim, but any top-rated local foreclosure attorney would have warned you in advance.

Next time consider the foreclosure lawyer Steven J Baum or the law firm of Steven J Baum PC. After all using an experienced foreclosure lawyer in New York can protect your rights and advise you of your remedies, if any at all.

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