Posted on: 07th Apr, 2011 09:22 pm
The bank has written in approval contingent upon receiving a properly executed and notarized promissory note. and reserve the right to collect the full amount. Does this sound right?
Hi rhenry!
Welcome to forums!
The bank has the rights to collect the full amount. However, if the lender does not receive the full amount after the deed in lieu sale of the property, then he won't be able to come after you for any deficient amount resulting from the property sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The bank has the rights to collect the full amount. However, if the lender does not receive the full amount after the deed in lieu sale of the property, then he won't be able to come after you for any deficient amount resulting from the property sale.
Feel free to ask if you've further queries.
Sussane
I signed the documents, lender not asking for promissary note. can they still pursue a negative judgement
Hi Elsie,
If the lender is not asking for any kind of promissory note, then the lender may not come after you for the deficient balance amount.
Thanks
If the lender is not asking for any kind of promissory note, then the lender may not come after you for the deficient balance amount.
Thanks