What happens to my Promissory Note in a foreclosure?

Hi srutledge,

You have mentioned that you have a promissory note on the property. In that case, you are the co-borrower of the loan. Thus, if the lender forecloses the property, it will affect your credit score badly. Moreover, the lender may even sue you for the deficient balance resulting from the sale of the property.

Thanks

on the contrary, james...srutledge's post indicates that she has a note that is due from her husband to her. in other words, he owes her a portion of whatever sale proceeds are to come from that former marital home. unfortunately, any lien that secures such a promissory note, srutledge, would be junior to whatever lien(s) the lender has. the lender and the taxing authority are paid first out of all creditors, and you get in line behind them and anyone else who had a claim on the home prior to your claim.