Article I Section 10 of the United States Constitution says: 'No State shall ... pass any Bill of Attainder, ex post facto law, or law impairing the Obligations of Contracts . . .'
Promissory Notes are simply contracts between a lender and a borrower. Mortgage Notes are forms of the same kind of contract which are secured by a Mortgage instrument. Contract law binds them both and any disputes between borrower and lender are usually settled in Equity Courts. From time to time, lenders seek to impose limitations and restrictions upon borrowers that have the net effect of forcing borrowers to either renegotiate existing loans or to borrow new money under conditions more favorable to the lender.
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