Promissory Note Discounts for Estate and Gift Taxes
When you have a promissory note, you can use the help of a court order to attach the assets of the person, who issued to promissory note, in order to collect your dues. Usually this step is taken when the debtor refuses to repay his or her dues on the note. However, what recourse does the creditor have if the debtor declares bankruptcy?When a debtor files for bankruptcy, the only recourse the creditor will have is to opt for legal action.
There is an increasing trend among homeowners to defend foreclosure lawsuits by requesting mortgage lenders and servicing companies to show the original documents, espectially the note. When the lenders can not find the original note, judges are deciding that any foreclosure proceedings must be dismissed until the note can be found.
Promissory Note Investing - Buying A Note
A mortgage promissory note is a promise to pay. If you don't pay, then your home or commercial property could go into foreclosure where the Lender, bank servicer, trustee, or investor can use questionable tactics to get your property. There is a mortgage that goes along with the note, a contract in real estate.