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Some reasons to break a mortgage contract are:
If the interest rate is above the legal rate for mortgages.
If the mortgage is given without an underlying debt (a promissory note), the mortgage contract is invalid. A mortgage is simply a pledge of the house as security for an underlying obligation. Without the note, there is no reason to pledge the house as security.
If the mortgage loan was obtained through a predatory lending practice made illegal by the Federal or state government.
These are some reason to breach a mortgage contract without being liable for damages. If you break a mortgagew contract, the lender can foreclose, take the property and get a judgment against you for any loss it suffers, plus attorneys fees and court costs.
In addition, even if the mortgage and mortgage note are breachable, you would be required to repay the money if you bought the house with it. The mortgage lender would lose the benefit of the bargain (the interest), but you would not be get out of repaying the loan as that would be unjust enrichment.
What else can I help you with?
What is the difference between breach of contract and discharge of contract?
Discharged mean terminated. A contract can be discharged by -performance -frustration -Agreement between the parties and -breach If there is a breach of terms of the contract, a contract can be discharged.
What are the reasons for discharge of contract?
if all obligations under the contract are completed. If an operation of law causes it to end. If the parties mutually agree to end it. If there is a breach
What can you sue a company for?
You can sue a company for various reasons, such as breach of contract, negligence, discrimination, fraud, or product liability.
What is theDifference between breach of contract and discharge of a contract?
breach is a form of discharge. Generally, a discharge is when a contract ends for any reason. A breach is when one of the parties does not perform under the contract. Breach could lead to discharge, rescission, or damages, or nothing.
What are some examples of breach of contract and how can they be resolved?
Examples of breach of contract include failure to deliver goods or services as promised, failure to make payment as agreed, or failure to meet deadlines. Breach of contract can be resolved through negotiation, mediation, arbitration, or by taking legal action in court. Resolving a breach of contract typically involves seeking damages or specific performance to enforce the terms of the contract.
Can you sue a company for breach of contract?
Yes, you can sue a company for breach of contract if they fail to fulfill their obligations as outlined in the contract.
Can you sue someone for breach of contract?
Yes, you can sue someone for breach of contract if they fail to fulfill their obligations as outlined in the contract.
Does a breach of contract make the contract null and void?
A breach of contract does not automatically make the contract null and void. The non-breaching party can choose to enforce the contract, seek damages for the breach, or terminate the contract depending on the circumstances and terms of the agreement.
What is the opposite of obeying a contract?
breach of contract
Can you sue anyone for breach of verbal contract in Louisiana?
It will be dependent on the type of contract. Some verbal agreements can be enforced.
What if a contract condition is not met?
lawsuit for breach of contract
Is it a breach of contract if there is no specification of date to perform in the contract?
if there is no date specify this does not mean there is a breach. for a breach to occur one of the parties to a contract must not have fully performed their obligations. if there is no date specified in the contract the courts will apply a reasonable date
