Foreclosure Or Promissary Note
Hello All;
I have a conundrum I was hoping someone might be able to help me with.
I got hosed in a real estate deal: an investor used my credit to buy a house and then didn’t make the payments. With no other option left, I got another investor involved to short sale the property from the lender
The lender came back and wanted me to give a 20k promissory note (no interest, 10 years) or else they won’t do the sale. We refused, and they didn’t blink; they literally don’t care if the house is foreclosed or not.
So here is my dilemma: if I sign the note I have zero intention of paying even a dime on it. My expenses are already tight, and there’s just no way I can afford to live with that note saddled to me. I can either take the foreclosure, which is imminent, or sign the note and pay nothing. I’m considering suing the first investor, but that case plus settlement would drag on, during which time the note would go into default anyway.
Which is a better decision: take the foreclosure, that way it hits and, after a while, lessens on my credit; or take the note, and have a late payment continually show up? Any suggestions? Also, what remedies do you think the collector would exercise in the case of my not paying?
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