Private Lending And Foreclosure
Private lending can be a profitable and socially useful activity, but it is an area fraught with legal minefields. Lenders must ensure that their loans comply with federal and state law and are enforceable.
My law firm, Andrew M. Cagen, Attorney at Law, in Providence, Rhode Island, offers the following services to private lenders:
- Loan advice on whether a loan is legal and enforceable. The law against usury in Rhode Island is draconian (total loss of principal and interest and possible criminal penalties), and lenders want to make sure that their loans, including fees, are within allowable interest rates. In addition, Rhode Island and federal laws make it extremely difficult for a private lender to properly offer consumer loans.
- Preparation of closing documents, including a promissory note and mortgage or security agreement. My firm will prepare all documents to ensure that your loan is legally made and secured.
- Foreclosure. Recent changes in the Rhode Island General Laws have added complexity to the foreclosure process. My office will ensure that all notices are properly issued and documented to minimize the chance that your foreclosure is challenged.
- Negotiation of workouts. My office will help you negotiate a workout plan with the debtor when it is advisable to do so.
Contact Andrew M. Cagen For Your Lending And Foreclosure Matters
For assistance in your private lending matter, foreclosure matter or other type of case, contact me online or by telephone at 401-400-3822 or 800-514-9346 toll free. I offer a free, initial consultation to each prospective client.