Can I put a lien on a home for the promissory Note I am holding as the mortgage?
Full Question:
I have a promissory note in the amount of $78,000 that the parties to the note are not paying. This note represents a loan that was to pay for their home mortgage loan. Can I put a lien on the home and how do I go about it?
01/04/2007 |
Category: Debts and Cr... ยป Promissory N... |
State: Florida |
#113
Answer:
A mortgage is a written pledge of property that is used as security for the repayment of a loan that is usually evidenced by a promissory note. A mortgage is a lien on the property it covers. If there is a default on the debt, the property covered by the mortgage can be sold to satisfy the debt. This is called a foreclosure. If your note is not secured by a mortgage, you can still foreclose on the property by a judicial foreclosure. However, first you will have to bring suit on the promissory note and get a judgment.
