Replies to This Discussion

Permalink Reply by Katerina Gasset on June 3, 2010 at 9:10am

I don't understand why the seller will not accept a 10K promissory note. If you can get language in the promissory note releasing the seller of deficiency that would be a better position. The seller can negotiate payments down to $50 a month with zero interest. Now that sounds to me like a bargain that even a collection agency would not even accept as payment in full.

Permalink Reply by Keji Ogunleye on June 3, 2010 at 9:14am

Hello Katerina,

Thanks for your response,... In this case the seller has been unemployed since last year, she just got a letter this week that her unemplpyment benefit is terminating. She has 2 kids, no job, she needs to go back to school to get retrain.. Is not about not wanting to do anything , she was on trial modification for 1yr and paying on time until the unemployement benefit was running low

Permalink Reply by Bryant Tutas on June 3, 2010 at 9:22am

Keji. Remind the seller that they have already signed a promissory note for the entire amount of the mortgage. The lender is offering to let them off the hook by drastically reducing the amount of the note AND with no interest. Quite the deal if you ask me. The time to discuss promissory notes is prior to listing the property.