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Loren
Loren, Attorney
Category: Business Law
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Experience:  30 years experience representing clients .
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I have signed three promissary notes, dating back to 2005 and

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I have signed three promissary notes, dating back to 2005 and have been regularly paying back on the agreed per/month amounts since then. The lender has agreed to forgive the balance owed. I would like him to sign a form to that effect. i. e. that I no longer owe money on those notes. Where can I get a form that he can sign?
Thank you.
Thank you for using JustAnswer. I am JudgeLaw and I will do whatever I can to answer your question and provide you excellent service.

Before we begin, a bit more detail would be helpful please.

Does the lender still have the original notes?

Are the notes current or are you in breach regarding repayment?

What is the balance being forgiven?

Thank you.

JudgeLaw
Customer: replied 3 years ago.


The lender should have the notes. I am not in breach regarding repayment, The balance is unclear, but I can figure it out. I have been paying 136.06 every month

Thank you for the additional information.

All you really need is for the lender to write on the original note "Paid" or "Released", return it to you and that would suffice.

You may use the following as a template if you would like a separate Release:

Release of Promissory Note Form

Full Names _______________________________________________

Address__________________________________________________

Full Names _______________________________________________

Address__________________________________________________
(Hereinafter referred to as the Borrower/s)

Full Names _______________________________________________

Address__________________________________________________
(Hereinafter referred to as the Lender)

The Lender hereby acknowledges receipt of the full payment of the Promissory Note dated ______________________20____ in the principal loan amount of __________________ Dollars ($_________) as well as receipt of full payment of any interest accrued.

The Lender therefore releases the Borrower(s) from all obligations under this Note and this release shall be binding upon the Lender’s successors, legal representatives and assigns.

The Lender warrants that the Note referenced has not been assigned, ceded, transferred or sold to a third party and warrants his/her authority as Noteholder to issue this Promissory Note Release.

Signed on this _______day of _____________________20______.

____________________________________
Lender

____________________________________
Witness

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Thank you.

JudgeLaw
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