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 agreement that pledges property as security for a loan, typically documented by a promissory note. It creates a lien on the property, allowing it to be sold to pay off the debt if there’s a default. This process is known as foreclosure.
If your promissory note is not secured by a mortgage, you can still seek a judicial foreclosure. To do this, you must first file a lawsuit on the promissory note and obtain 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.