Q: I am sub s corp. I took a loan with a New Jersey company for 80 k. In NovemberI have paid 22,000 and stopped paying
And now they want 134k . Which means I would pay them 154 k for 80k. Is this legal and does the usury law not come into play. The took second on my office bldg
A: Much more information would be needed in order to access your situation. Usury laws look at interest, but when you stop paying a loan your also responsible for attorney fees and other costs etc. Bankruptcy may also be an option for you if you can't pay the loan. I suggest you setup an appointment with a lawyer to review your loan information. Of course a lawyer will charge you a consultation fee to review the information, but it would probably be worth the money and your probably talking only a few hundred dollars at most.
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