Legal Question in Real Estate Law in Florida
We have a second mortgage in our home for 50,000 dollars with a private party who is charging us 17% interest. Now, he called to said that since the previous note has expired he has another one to be signed by us. We don't want to sign a new note at that interest and we are sure he's already rised it. My question is: Can he force us to sign a new note. We kept doing our payments and we owe him nothing.
2 Answers from Attorneys
An attorney would have to see the original note. Some of the facts you mention need further information; for example...at the expiration of the note what happens? Dose the entire amount become due? Are terms for a new note set forth in the old note? You mention at the end that you don't owe him anything. What the first note repaid in full? So, it is impossible to accurately answer your question without more information.
If you owe nothing, why sign a note?
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