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Loan Agreement

Loan agreements are legal binding documents that form a contract between a lender and a borrower. The loan agreement specifies the terms of the loan, how payments will be made, and responsibilities of both the lender and the borrower. Most loan agreements are put in writing; however, oral agreements are common. Below are some loan agreement questions that have been answered by Experts.

If you purchase a loan agreement from the individual, do you as the new loan holder have the right to negotiate new terms of the loan?

When you purchase a loan agreement, you are bound by the original terms and conditions in the agreement. However, there are laws which allow for contract modification. If you want to modify a contract, any changes made must first pass the specifications required in a legal contract. The modification must contain and offer, acceptance, and consideration.

The offer occurs when the party who wants to negotiate new terms with the loan presents the offer to change a portion of the agreement. The acceptance occurs when the other party accepts the changes or the two parties will continue to negotiate until they can agree upon a mutual agreement. Consideration occurs when one of the parties in a contract wishes to add additional changes that provide him/her with rights that were not offered in the original agreement. In order to make this work, the party who wants the additional rights must offer the other person something in return. For example, if a person has a flower shop and wanted to sell their own items in the shop, but they can't based on the current contract, the person could offer the other party an extension on the payment terms in the contract for allowing the other party to sell their items in the store. Interest cannot be added to a loan unless the borrower agrees to the increase. If the borrower agrees to the interest increase, the other party will have to offer something in exchange for the buyer agreeing. Both parties are not required to have equal exchanges during the consideration. The law states that during the consideration, both parties must only agree on the modifications to the loan agreement.

Can a person be charged with theft by swindle if they draft a loan agreement after they have already borrowed money from an elderly couple?

The person who loaned the money would have the burden of proof that they had been tricked or conned into loaning the money. As long as the borrower is making consistent payments toward the loan, it would appear that this is in fact a loan and not a swindle job. However, if the borrower wasn't making payments toward the loan or actually used unethical measures to acquire the loan, it may be possible that charges could be filed. As far as the agreement being drawn up after the loan, there is nothing illegal about this if the lender and borrower both agreed to and signed the arrangement. You can use bank statements to verify that you have been making the loan payments.

I am in default of a loan agreement that has a chattel agreement securing the loan with my tools. The note has an accelerated clause and the attorney is requesting the tools to be delivered. Can I file with the court to delay this action?

The only way you can remove the tools from the lien would be to file for bankruptcy. If the lender wants the tools, you will have to release them. If you try to avoid releasing the tools, the lender will take you to court. It is very likely that a judge would make you turn the tools over to the lender because you put the tools up as collateral for the loan. If you default on the loan agreement, you lose the collateral. If you know the lender is going to attempt to recover the tools, you may want to speak with a bankruptcy attorney and discuss your options. When a person files bankruptcy, all collections are stopped until the bankruptcy hearing. A bankruptcy attorney will be able to give you an idea about stripping the lien from the tools or at least having the loan modified so you can afford to make payments on the note.

Is it legal for a lender to hold a deposit that was made on a loan agreement? The lender has backed out of a loan and says it will be 30 days before they will return the deposit.

The lender cannot force you to wait 30 days for the return of the deposit. The lender is required by law to return the deposit within a reasonable time frame (7 business days) if the lender chooses to change its mind about the loan.

Loan agreements are binding contracts between lenders and borrowers that dictate the management of a loan. Many people are unfamiliar with the loan process and need answers to questions regarding loan agreements. If you have questions and are looking for answers, you should ask an Expert for answers that offer solutions to your individual situation.
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