An agreement modifying a loan agreement and mortgage should be signed by both parties to the transaction and recorded in the office of the register of deeds and mortgages where the original mortgage was recorded. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Illinois Agreement to Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Mortgage
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How to fill out Agreement To Modify Interest Rate, Maturity Date, And Payment Schedule Of Promissory Note Secured By A Mortgage?
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(3) 1% of the total loan amount if the prepayment is made within the third 12-month period following the date the loan was made, if the fixed rate period extends 3 years.
In Illinois, the statute of limitations is: Five years for unwritten debt agreements and open-ended agreements. Ten years for written agreements and promissory notes.
In Article 39 of the Illinois Criminal Code, lawmakers describe an offense called criminal usury. A person may be prosecuted for criminal usury if he or she offers a loan to someone with an interest rater higher than 20% per year. This crime is a Class 4 felony.
If convicted of official misconduct, you will be guilty of a class 3 felony. Under Illinois law, if convicted of a class 3 felony you can be punished with two to five years in prison. If you are convicted of an extended class 3 felony, then you can be sentenced to five to ten years in prison.
Still, most states have so-called "usury" laws on the books, intended to prevent exorbitant rates. Illinois interest rate laws generally defer to contract law. One exception is a 9 percent limit on judgments, or 6 percent if the debtor is a local government, school district, or community college.
Further, under the Interest Act [815 ILCS 205/4] whenever the interest rate exceeds 8% per year on any loan secured by a mortgage on Illinois residential property, it is unlawful for a state licensed or chartered lender to provide for a prepayment penalty or other charge for prepayment (Note: This provision became ...
Section 815 ILCS 205/1 prescribes the maximum rate of interest upon a loan or forbearance of money, goods, or things in action as $5 upon $100 for one year. Section 815 ILCS 205/4 prescribes a rate of interest of 9 percent per annum in all written contracts. Contracts providing for a higher rate of interest are void.
Laws. Usury Rate for Written Contracts (815 ILCS 205/4): *9% APR, unless otherwise authorized by the Predatory Loan Prevention Act (PLPA), in which case the interest rate cannot exceed 36% APR. **The following transactions are subject to the PLPA: Consumer Loans (205 ILCS 670/15(a))