The Partial Claim Promissory Note serves as a critical tool in loan workout scenarios, particularly in the context of federally-backed mortgages and loan modification programs. This document is frequently utilized when a borrower needs assistance bringing their loan current, and a portion of the past-due amount is structured as a separate obligation. The note details the specific amount being claimed, repayment terms, and any security interests. It must comply with both federal and state regulations, including the Truth in Lending Act and state-specific usury laws. The document is particularly common in FHA loan modifications and similar government-sponsored programs.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Principal Amount: Clear statement of the partial claim amount being promised
3. Payment Terms: Specific terms including payment schedule, interest rate, and maturity date
4. Default Provisions: Consequences of missing payments or other defaults
5. Signatures: Execution block with date and signatures of all parties
1. Collateral: Description of any security interest, used when the note is secured by specific assets
2. Prepayment Terms: Terms regarding early payment options and any associated penalties or benefits
3. Late Payment Provisions: Specific penalties and consequences for late payments
1. Payment Schedule: Detailed schedule of payment amounts and due dates
2. Collateral Description: Detailed description of any assets securing the note
3. Amortization Schedule: Breakdown of principal and interest payments over time
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Promissory Note For Payment Of Debt
A U.S. legal document establishing a borrower's promise to repay a specific sum to a lender under defined terms.
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A legally binding document used in the United States that formally acknowledges a debt and commits to its repayment under specified terms.
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A legally binding U.S. document containing a written promise to repay a specific sum of money under defined terms.
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A U.S. legal document that formalizes and documents the terms of a loan between family members.
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A U.S.-governed agreement documenting loan terms, repayment obligations, and security arrangements between a lender and borrower, compliant with federal and state lending laws.
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Hard Money Loan Promissory Note
A U.S. legal document establishing terms for a high-interest, asset-backed loan typically secured by real estate.
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A U.S.-compliant written promise to repay a specified sum of money under defined terms and conditions.
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General Promissory Note
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Quick Promissory Note
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A U.S.-governed financial instrument documenting a contingent promise to pay a specified sum under defined terms and conditions.
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A U.S. legal document containing a written promise to pay a specified sum of money, signed only by the borrower.
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A U.S. legal document evidencing a loan from a shareholder to their corporation, including terms of repayment and interest.
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Partial Claim Promissory Note
A U.S. legal document evidencing a borrower's promise to repay a portion of a debt, commonly used in loan modifications and government-backed mortgage programs.
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A legally binding U.S. document that outlines the terms and conditions of a loan for purchasing a mobile home, subject to federal and state regulations.
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Lender Promissory Note
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