Questions regarding hard loan & Covid-19.

[Raheem Chaudhry]

Hi, I recently bought a house with the hard loan. And my last payment got delayed for few days because of the lockdown. This company now has fined 25k. Since, it’s a private company they’re not even ready to understand our situation. Is there any possible way to request for penalty forgiveness? 

Thank you. 

Edit: I’m a new member and it’s my first post. So, if it’s in a wrong section pardon me and move it to the relevant section. 

[Kyle Altenau]

Your promissory note should have what penalties they can charge you. Depending on your state they will only be able to charge a certain amount. Just because it is in your promissory note also does not necessarily mean it's legal. You may need to speak to a real estate attorney.