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  1. #11
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Massachusetts Law on Loan Interest

    Quote Quoting Amigos4
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    I shared the court's findings on this case with the Trustee/Lender. He told me his attorney advised using compound interest in the payoff calculations.
    Surely, his attorney must be aware of the fact that Massachusetts disfavors the use of compound interest unless it is expressly worded in the terms of the loan agreement. What am I missing in my quest to understand the reasoning/justification behind the attorney's instructions to compute the payoff amount by using compound interest? Can you think of any possible explanation that would allow the terms of the loan agreement to change once the agreement has been signed by both parties?
    The only possible explanation that I can think of is that the trustee is lying to you about what his attorney said and his attorney might not have said anything at all.

    Which brings me to this admonition: Never take legal advice from your enemy.

    I suggest that whoever is in charge of writing the check to pay the debt, do so with simple interest and get it over with.

    Then the trustee is free to litigate the matter if he wants more money but I seriously doubt that he will continue with anything but hot air once he gets that money.

  2. #12
    Join Date
    May 2015
    Location
    Tucson, Arizona
    Posts
    12

    Default Re: Massachusetts Law on Loan Interest

    Thanks for the reply, adjusterjack! I really appreciate your guidance.

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