Full question:
I have a promissory note in the amount of $78,000 that the parties to the note are not paying. This note represents a loan that was to pay for their home mortgage loan. Can I put a lien on the home and how do I go about it?
- Category: Debts and Credit
- Subcategory: Promissory Notes
- Date:
- State: Florida
Answer:
A mortgage is a written pledge of property that is used as security for the repayment of a loan that is usually evidenced by a promissory note. A mortgage is a lien on the property it covers. If there is a default on the debt, the property covered by the mortgage can be sold to satisfy the debt. This is called a foreclosure. If your note is not secured by a mortgage, you can still foreclose on the property by a judicial foreclosure. However, first you will have to bring suit on the promissory note and get a judgment.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
