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HOW CAN I FIND OUT IF MY MORTGAGE NOTE WILL FLY IN DES MOINES,

Customer Question
IA ??...
HOW CAN I FIND OUT IF MY MORTGAGE NOTE WILL FLY IN DES MOINES, IA ??
Submitted: 7 years ago.Category: Real Estate Law
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Answered in 7 minutes by:
7/6/2010
Real Estate Lawyer: Roger, Lawyer replied 7 years ago
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31,875
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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What do you mean whether it will "fly"? Thanks.
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Customer reply replied 7 years ago

I created an agreement between myself and another real estate investor. This agreement contains a promissory note and a balloon mortgage. I have not done business in Iowa previously, and I have not drawn up a balloon mortgage previously. I would like some assurance (an opinion) as to whether the balloon mortgage is "fine as is" and can be filed successfully with the Polk County Iowa Recorder.

Real Estate Lawyer: Roger, Lawyer replied 7 years ago
Balloon mortgages are allowed and are legal contracts under Iowa law.

Edited by Adam Kirk on 7/6/2010 at 8:31 PM EST
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Customer reply replied 7 years ago

I already knew that.

 

It is the particulars I am wondering about. ie/ My "Lender's Fee" and an optional "Loan Extension" being the key parts in question.

Real Estate Lawyer: Roger, Lawyer replied 7 years ago

Maybe all of your question wasn't posted because I don't see any particulars about your lender's fee and loan extension.

 

That may be the source of the confusion!!

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Customer reply replied 7 years ago

Ok. When I referred to "the balloon mortgage" I was referring to "my balloon mortgage" and not "a balloon mortgage". The particulars are.... I am charging a $5,000 "Lender's Fee" for funding the purchase of the property....... Can I do that? Can I call it that?

 

This mortgage is intended for the purchase, rehab, renting out, and cash out refinancing of a property in Des Moines, IA.

 

The balloon mortgage becomes due in 3 months, but I am giving the borrower up to an extra 3 months time if requested.... Can I do that? and Can I charge for that? (I have written the note to charge an additional $750 per month that payback is extended beyond the first 3 months)

Real Estate Lawyer: Roger, Lawyer replied 7 years ago

I think all of this is legal to contractually agree to. However, I'll try to get an Iowa attorney familiar with this to assist you.

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Customer reply replied 7 years ago
Thank you Adam
Real Estate Lawyer: Roger, Lawyer replied 7 years ago
Someone should be with you soon.
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Customer reply replied 7 years ago
OK. I never got a response from someone in Iowa... but I am leaning toward believing that the two things I mentioned are "probably" ok to do.... but there is one thing in the note that I am still not sure about. How much interest am I legally allowed to charge in Iowa given that this is a real property / mortgage type loan. Also given that the amount to be loaned is less than $100,000. I have set it up to get 7.5% interest for the duration of the note.
Real Estate Lawyer: Roger, Lawyer replied 7 years ago

In Iowa, the legal interest rate is 10% and the usury limit is 12%. Thus, you're fine with your interest.

 

As I said earlier, I think your terms are ok. The general rule is that people can contract to anything they want to - so long as it is not a criminal act.

 

However, I cannot find anything in the Iowa statutes that says this is ok or that it is not ok. Because I can't find an answer, I can't tell you anything buy my general assessment of things - which is I think you're ok.

Roger
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