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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
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Experience:  JA Mentor
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I signed a 10 yr promissory note that did not specify what

Customer Question

I signed a 10 yr promissory note that did not specify what the payments would be.
It just states that the full amount be payed within 10yrs. But now the lender is asking for a payment.Now they are claiming I breached the contract. There is 5 yrs left on the note.For the last 6mths the lender has sent harassing & threatening emails. Sharing the note with others trying to intimidate me into make a payment. I have made no payments.What should I do???
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Lucy, Esq. replied 1 year ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear that this happened.

If the note does not require that any payments be made until the 10 years are up, the lender has no legal ability to insist upon payment sooner. You could offer to renegotiate the note so that it DOES require regular payments, but such an agreement would only be valid if the lender gave you something in exchange for that promise, such as a longer period to make the total payments or a lower interest rate (if you're paying interest). The lender has no legal cause of action until the 10 years pass, though. If he tries to file a lawsuit, the judge should dismiss the case as premature.

There is no specific law that prohibits a private individual from showing documents about a debt with third parties. However, if he's calling constantly, calling and hanging up, threatening you, following you around, or otherwise trying to scare you or berate you into making payments that you have no legal obligation to make - that's illegal. It's a form of stalking. You could actually let him know if that if he continues this pattern of conduct before the note matures (thus triggering your obligation to repay the debt), you'll report him to the police.

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