holding promisory note for buyer behind 1st mortgage

knuckles52 · #1 Apr 30, 2008, 09:37 AM

If buyer defaults on my promissory note.What is my recourse since I am 2nd behind the 1st mortgage?I am asking from the sunny state of Florida.

George_1950 · May 1, 2008, 01:40 PM

Does your note allow you to accelerate and demand payment of all principal? Are you holding a second mortgage? You can elect between suing for each payment in default or demand the payment of all principal and interest owed to you. Also, you could contact the first mortgage holder and offer to purchase the note and mortgage; then you will hold the first and second, and you can foreclose and get the house back.



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