Hi Richard. Not sure I understand your question. A promissory note as it relates to short sales is normally an unsecured note. It's a personal promise to pay. Therefore there would be no lien. The mortgage is the instrument that creates a lien on the collateral.
Of course I am not an attorney and I'm just making this stuff up :)
Hi Richard. Not sure I understand your question. A promissory note as it relates to short sales is normally an unsecured note. It's a personal promise to pay. Therefore there would be no lien. The mortgage is the instrument that creates a lien on the collateral.
Of course I am not an attorney and I'm just making this stuff up :)
Replies
RICHARD SMITH said:
Bryant Tutas said:
Of course I am not an attorney and I'm just making this stuff up :)