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    novetam's Avatar
    novetam Posts: 5, Reputation: 1
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    #1

    Jul 24, 2008, 10:21 PM
    Property in Foreclosure and default in Promissory Note
    My husband and I purchase a property in Florida during the real estate boom. The problem is the market sunk shortly after and we are now facing foreclosure, we have tried everything to sell. Our big problem is that we had signed a promissory note for $100,000 to seller since the home was valued more than the approved amount from bank and the realtor told us lots of people are doing it and that the property would turnover real quick, some advise this was. What can we do, the seller is now suing for the $100,000 and we are just worried that they could put lien etc. on the home that we live in.
    novetam's Avatar
    novetam Posts: 5, Reputation: 1
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    #2

    Sep 5, 2008, 05:34 PM
    I guess my question was too hard for anyone to answer/comment on...
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Sep 5, 2008, 06:55 PM
    No, I do not know why anyone missed answering, but yes they can, they can sue you and get a garnishment of wages, attach bank accounts and all other sort of fun things.

    ? Why if you can afford to buy a new home, could you not afford the old home where the payments higher ?
    theg2nv's Avatar
    theg2nv Posts: 1, Reputation: 1
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    #4

    Sep 5, 2008, 07:51 PM
    Yes, he can forclose on you and anything else you have a in order to get the money. Why don't you talk to the owner of the note and ask him to contact this investor at VJM Investments, He may purchase the note from the note holder at a discounted rate and that will hold off on the foreclosure. Maybe you guys can restructure the note 210-593-0984
    novetam's Avatar
    novetam Posts: 5, Reputation: 1
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    #5

    Sep 5, 2008, 08:47 PM
    The holder of the note is not the one initiating the foreclosure the bank is, since we are behind on payment. We had hope to sell and the profit would pay on the note, but we since the market is so bad now we cannot find a buyer.
    ConfusedInAK's Avatar
    ConfusedInAK Posts: 184, Reputation: 16
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    #6

    Sep 5, 2008, 08:49 PM
    WHOAH was this 100K reported on your closing documents?

    That is my first question... any money not on the settlement statement is suspicious...

    So the seller is suing you for 100K and the bank is foreclosing on the home because you are behind in payments... right?
    novetam's Avatar
    novetam Posts: 5, Reputation: 1
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    #7

    Sep 5, 2008, 08:52 PM
    You are correct, the $100,000 was not declared.
    ConfusedInAK's Avatar
    ConfusedInAK Posts: 184, Reputation: 16
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    #8

    Sep 5, 2008, 09:03 PM
    I think this requires further investigation...

    Do you now owe 100K OVER the appraisal on your mortgage?

    Afraid this isn't going to help with the bank foreclosing though.

    With all of this relief effort have you talked to your lender to see if they can adjust and reinstate your mortgage?
    novetam's Avatar
    novetam Posts: 5, Reputation: 1
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    #9

    Sep 5, 2008, 09:14 PM
    Yes we owe 100K over the appraisal on mortgage. We can no longer afford this home, we bought property only as investment and thought we would have sold by now. Depleted all the funds we had set aside for mortgage.
    sevenduck's Avatar
    sevenduck Posts: 1, Reputation: 1
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    #10

    Jun 26, 2010, 01:32 PM
    See www.meisterforsheriff.com and contact me
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