Posted by John Merchant on June 20, 2007 at 09:49:57:
Because any lawyer could easily file a suit and get a judgment, maybe you’ve got a lawyer friend with whom you could make a swap…something he owns that he could swap you for your debt/note/legal action.
default on a promissory note - Posted by Steve
Posted by Steve on May 16, 2007 at 23:34:39:
I lent my In-Laws some money a couple of years ago. We did a Promissory Note secured by 2 Deeds of Trust. 1st secured Deed of Trust is the property they have for sale and the 2nd secured Deed of Trust is on the property they live in. The 1st payment was due May 1st, 2007. As of today May 16th, 2007 no payment. I sent them a letter of demand and I got a response that they are doing the best they can.
Any suggestion on what’s next? I do not care that they are my In-Laws this has been a bad deal for several years.
Re: default on a promissory note - Posted by Rick, the Probate Guy
Posted by Rick, the Probate Guy on May 17, 2007 at 12:24:13:
I’m curious as to why you don’t care that they are your in-laws. Are you prepared for the ugliness that would or could result from trying to collect on this debt? How about harmony at home with you and your spouse?
If these are no longer an issue then you can move forward. If you can stand the backlash, you could give the collection job over to a foreclosure company or attorney that specializes in this. Or, you could assign the debt to a 3rd party note buyer and let them do the collecting and the dirty work.
Lastly, you could assign to a friend who does the collectig in their name or entity on behalf of you without in-laws knowing that.
It really isn’t a big deal. The question is whether you really can stand the heat or not. Collecting on debt is largely procedural in most States. Then, the in-law debtor may be treated like anyone else who owes money secured by TD’s.
Re: default on a promissory note - Posted by steve
Posted by steve on May 17, 2007 at 14:52:46:
I thought about selling the note to a 3rd party. I might try the friend thing 1st then it will save me some hassle and I won’t have to take a deep discount on the Note.