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    mariettamack's Avatar
    mariettamack Posts: 1, Reputation: 1
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    #1

    Oct 2, 2007, 07:51 AM
    Civil Action
    We Have Signed A Promissory Note To The People That We Got Our Home From.now We Are Behind And They Are Taking Us To Court. What Can Be Done At This Point?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Oct 2, 2007, 08:12 AM
    Pay the bill. Otherwise they can foreclose the note and regain the property.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #3

    Oct 2, 2007, 10:00 AM
    Sorry, Scott, but I have to disagree. If the OP only signed a promissory note and didn't sign a mortgage then the previous owners can only obtain a money judgment. The only way the previous owners can foreclose is if the OP signed a mortgage in addition to a promissory note.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Oct 2, 2007, 10:04 AM
    Whoops, I wasn't thinking that one through. But if they signed a promissory note, isn't there the possibility that they also signed a contract for sale?
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #5

    Oct 2, 2007, 10:06 AM
    It sounds like the seller of the property agreed to hold a loan when they sold to the OP. But if the OP only signed a note and not a mortgage then there is no security interest in the property.

    Whether the original contract for sale required that a mortgage be signed doesn't matter. When the closing occurred the contract "merged" with the deed and the terms of the contract no longer have any effect.
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