Defeasance as the discharge of the old debt
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cesar
Apprentice
Joined: 06 Jul 2005
Posts: 1
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 Posted: 09/28/08 - 06:40 Post subject: |
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| Hi there everyone. I was wondering if you could give me some help about my current financial condition. I have some troubles repaying my loan and I’ve heard that I can use defeasance as the discharge of the old debt. Can you explain to me how it works? What is defeasance after all? Thank you. |
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dud
Apprentice
Joined: 26 Feb 2006
Posts: 1
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| Posted: 10/13/08 - 03:11 Post subject: |
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| Hello there. I am sorry to hear about your financial problems. However, I don’t think that defeasance can help you. Defeances can serve as the discharge of the old debt but it has to be included in the loan agreement, I think. Usually it is a clause which which provides overturning of some deed or estate. What you can do is talk to your bank and see if you can get new deal for the loan. That would be all. I wish you all the best. |
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arty
Apprentice
Joined: 27 Sep 2007
Posts: 1
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| Posted: 10/27/08 - 23:42 Post subject: |
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| Hello hello. Well, here’s the thing. You can discharge the old debt with the defeasance and get a new one, but only if there is such a clause in your contract. It should be stated that, under some circumstances, you can defeat the deed. Defeasance should contain all the details, including involved parties and similar. Basically, that is all I can tell you. I hope I was of some help. Bye! |
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