can a lender change your interst rate due to default? our realtor asked if we were ok and they said they only sent us to collections then found the default. took 2.5 months for a write off
2 Answers from Attorneys
Please review your promissory note. Many include default interest rates. It is not practical to answer your question without reviewing the documents. This gratuitous response does not create an attorney client relationship. The advice provided herein is generic, may not apply to your circumstances and is not to be relied upon in your actions. An attorney client relationship is created only upon execution of an engagement letter hiring me or my firm.
Whether or not your interest rate is adjustable depends on the promissory note you signed. I don't understand any other part of your post.