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Walter

How Would You Deal With This Demand Note

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My client has a "demand note" with a home owner. It is a second mortgage of $12,000 at 8% since 1997 and the home owner has defaulted. At this moment my client gets promises but no money from the home owner.

 

The home owner has first mortgage taken in 1997 of $114k.

 

My client is completely out of cash and wants to sell his note @50%. What would you do in this situation?

 

A) Would you go after the note and make 50% on it minus court and lawyer costs?

 

:lol: Would you go after the house and "force" the sale since the owner may not be cooperative. If this would be the choice how would you go about it? (Buy his unpaid part of mortgage?)

 

C) Would you garnish his and his wife's wages knowing that she works (and he hides). If taking this option would I be able to garnish only "her half" of their debt?

 

Enlight me with "Notes" cause I am blind...please.

 

I wil be visiting tomorrow the Land Registry and will look into this property to see what's in there.

 

Oh...fly Eagle fly high!!! <_<

Walter

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You can not offer any legal advise but the 2nd holder should contact a lawyer. This is my own idea. Any holder of a lein on property can foreclose if their note is in arrears. Then is the only time you can really help the person asking for help after they foreclose and have property. But, also, the first holder of any notes can also take legal action. <_<:lol:

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