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“Illegal Loans”

Livinglies's Weblog

Lots of loans have provisions that are illegal. As far as I know the only illegal provision of a loan that could make debt, note and mortgage go away, i.e., becomes void in its entirety (versus the provision containing the illegal language), or that entitles the borrower to recover all his payments or more is a usury statute in a state where the statute specifically provides that remedy. Thus negative amortization is illegal in many states (see below). But depending upon the statute, and the case law of each state, my opinion is that the provision in the note that contains the offending language is probably void as being against public policy. But be careful what you wish for. What happens next?

Get a consult! 202-838-6345
https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.
THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL…

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