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A promissory note does not usually contain the power of foreclosure. In order to have the authority to foreclose (take possession of real property and sell it after a default) that right must be granted by the borrower. Mortgages and deeds of trust grant to the lender the power to foreclose.
However, if your borrower defaults on a promissory note you can sue in civil court and obtain a judgment lien as long as you bring suit within the statute of limitations for your state.
A promissory note does not usually contain the power of foreclosure. In order to have the authority to foreclose (take possession of real property and sell it after a default) that right must be granted by the borrower. Mortgages and deeds of trust grant to the lender the power to foreclose.
However, if your borrower defaults on a promissory note you can sue in civil court and obtain a judgment lien as long as you bring suit within the statute of limitations for your state.
A promissory note does not usually contain the power of foreclosure. In order to have the authority to foreclose (take possession of real property and sell it after a default) that right must be granted by the borrower. Mortgages and deeds of trust grant to the lender the power to foreclose.
However, if your borrower defaults on a promissory note you can sue in civil court and obtain a judgment lien as long as you bring suit within the statute of limitations for your state.
A promissory note does not usually contain the power of foreclosure. In order to have the authority to foreclose (take possession of real property and sell it after a default) that right must be granted by the borrower. Mortgages and deeds of trust grant to the lender the power to foreclose.
However, if your borrower defaults on a promissory note you can sue in civil court and obtain a judgment lien as long as you bring suit within the statute of limitations for your state.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoA promissory note does not usually contain the power of foreclosure. In order to have the authority to foreclose (take possession of real property and sell it after a default) that right must be granted by the borrower. Mortgages and deeds of trust grant to the lender the power to foreclose.
However, if your borrower defaults on a promissory note you can sue in civil court and obtain a judgment lien as long as you bring suit within the statute of limitations for your state.
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Wording for promissory note?
wording for promissory note with collateral
Is a promissory note valid with no consideration?
No....a promissory note is not valid without a consideration.
Can a lender take you to court after two years of having the loan with them and now you cant pay your loan and they find that what you qualify for the loan was incorrect information?
At any point, in which you break the promissory note in which you signed to pay back the principal and interest of your loan, they can take you to court, sue you, foreclose on you, or repossess whatever the collateral was. At any point, in which you break the promissory note in which you signed to pay back the principal and interest of your loan, they can take you to court, sue you, foreclose on you, or repossess whatever the collateral was.
If you have a promissory note based on a business loan and you file bankruptcy on that business loan is the promissory note still valid?
Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.
Can you foreclose without a note?
no
Wording for promissory note?
wording for promissory note with collateral
Is a promissory note valid with no consideration?
No....a promissory note is not valid without a consideration.
Can a vendor's lien holder foreclose on real estate property due to default in the state of Texas?
If you are the lien holder, and someone doesn't pay, then yes, you can foreclose. I handle around 50 foreclosures each month, in 3 separate counties in Texas. We use a Warranty Deed With Vendor's Lein, Deed of Trust, and a Promissory Note, then when our customers do not pay their note for a long period of time, then we foreclose on it.
Can a lender take you to court after two years of having the loan with them and now you cant pay your loan and they find that what you qualify for the loan was incorrect information?
At any point, in which you break the promissory note in which you signed to pay back the principal and interest of your loan, they can take you to court, sue you, foreclose on you, or repossess whatever the collateral was. At any point, in which you break the promissory note in which you signed to pay back the principal and interest of your loan, they can take you to court, sue you, foreclose on you, or repossess whatever the collateral was.
How do you issue a promissory note?
A promissory note is a fancy legal name for a legally phrased I.O.U.
Amount of promissory note is called?
The amount written on the face of a promissory note is called face value or principal. The date on which the promissory note is written is called the issue date.
If you have a promissory note based on a business loan and you file bankruptcy on that business loan is the promissory note still valid?
Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.
How can you use the word promissory in a sentence?
I have the promissory note to my house.
What is a sentence for promissory note?
I needed to sign a promissory note for my student loan money.The bank is legally owed money when you sign a promissory note.The promissory note was only one page long but used complicated language.
Is the amount of promissory note is called maturity value?
No, the amount of the promissory note is the face vale not maturity value. Maturity value is the value of the money on the promissory note after a period of time.
Can you foreclose without a note?
no
Difference between bill of exchange and promissory note?
difference between bill of exchange and promissory note?
