Trust Deed Lending
August 9th, 2010 | 
Author: 
Question: How do I collect on a promissory note?
Hello,
I live in Northen California and I lent someone $25K and had a note Deed of Trust on their property but at the time there was $150K in equity in there property but now there is no equity at all and they are facing foreclosure.. I was able to get them to pay me $13K cash 6 months ago and then I made them sign a promissory note for the remaining $12K..
They haven't paid in the last three months on the promissory note which had 12% on a 3 year term but due if a payment is missed...
Now they are about to foreclose on there house and they still owe me $12K on the promissory note.. He has a full time job but no collateral... What do I do to get my $12K ? Please help.
Answer: You have to sue. Find a lawyer who will do it on a contingent basis so they only get paid a percentage of what they recover. If you pay an attorney on an hourly basis you'll probably end up paying $2k, minimum and then you still need to collect on the judgment. Getting a judgment is the easy part. Collecting on it is what you really care about.
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Posted in Deed of Trust Buyers | 
Tags: business, deed, estate, hardmoney, investing,, trust deed, trust deed lending