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    Jack24's Avatar
    Jack24 Posts: 2, Reputation: 1
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    #1

    Aug 7, 2010, 04:09 AM
    I hold a mortgage and promissory note on a house, must I file these?
    I have sold a business and hold a mortgage and a promissary note, but have not filed these. Do I need to file them?
    Jack24's Avatar
    Jack24 Posts: 2, Reputation: 1
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    #2

    Aug 7, 2010, 04:11 AM

    I sold my business and took a Mortgage on the buyers house but did not file it. I also have a promissory note. Would I be able to take his house if he failed to pay me?
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #3

    Aug 7, 2010, 05:23 AM
    You'll be able to foreclose if the buyer doesn't pay. But if the buyer gets a second mortgage and that lender has their mortgage recorded, and if the buyer doesn't pay them, then that lender will have priority over you in a foreclosure. You don't have to have the promissory note recorded to maintain your priority but you do need to have the mortgage recorded if you want to remain as the first lender.
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