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Today we are going to chat about promissory notes. A promissory note is simply a promise to pay. We are seeing promissory notes asked for more regularly among Orlando short sales and especially by mortgage insurance businesses.
We just had a client who had to short sale his Orlando property. His first mortgage was with Bank of America and his second was with a local Orlando lender. Bank of America signed off on the offer without any doubts. Nevertheless, the HELOC had mortgage insurance on it. So, the mortgage insurance company was paying for the Home equity line of credit. Now the mortgage insurance company has entered the negotiations and they have requested a $30,000 promissory note over the next 20 years. We worked to get that promissory note negotiated to a quantity that he could pay off in a very short amount of time.
We are seeing these promissory notes more frequently, but you need to recognize that this is not a horrible thing. If you are asked to sign a small promissory note in order for a short sale to clear, that is not a bad deal. You can be forgiven thousands of dollars in debit with the guarantee that the bank will not pursue you for deficiencies.
If you choose to go to foreclosure, they will probably file a deficiency lawsuit against you and you will be troubled by this for years. So, please remember that promissory notes are not horrible. We try to negotiate them away and in many cases are successful.
Get more help from short sale expert, Mark Alan Adams, at Orlando Short Sale Expert presented by the Short Sale Specialists of Orlando