[grahml]

My husband signed a promisory note for approximately 22,000 to purchase a house for an investment. He was not able to fix the house and flip it in a timely manner to repay the note in the alloted 90 days. After possessing the house for 7 months he deeded it back to the note holder to satisfy the debt. The note holder intended to repair and flip the house to get his money back but was unsuccessful. He ended up selling it for only 7,000 two years later. He has admitted to taking possession of the house seven months into this whole deal. Now he has a judgement lien against our home to collect the entire promisory note of 22,000 plus interest. Is he entitled to the entire note? How much is my husband liable?

[ScottGem]

Without reading the terms of the note or, if there was a contract for the sale, the likelihood is yes he is entitled to the entire note less what he paid and what the property was sold for. Since he obtained a judgement, the courts said he was.

[cdad]

Something sounds fishy here. If the home was returned as your stating was there any cash at any time that was exchanged? If the home was a voluntary reposession then the balance should be 0. If it were forclosed on then he would owe the difference between 22k and 7k or 15k plus interest accrued and court costs.