Legal Question in Credit and Debt Law in California

promissory notes

I have a promissory note from my ex to pay me my half of the value of our home (deeded over to him) when he sells (or four years from now, whichever occurs first). I fear he may be risking foreclosure on the house. How secure is my promissory note? Do I need to file or record it somehow? If I do, how does it affect him?


Asked on 11/09/08, 3:27 pm

1 Answer from Attorneys
Phillip Lemmons, Esq. Phillip Lemmons APC, Attorneys at Law

Re: promissory notes

You basiscally have an unsecured note. It's not worth much in today's market. If the house goes into foreclosure, you can try to collect the note in four years. If he doesn't have any assets, it's probably not worth the paper it's written on. It can be discharged in bankruptcy. Sorry for being so direct.

You might try to renegotiate right now for a lower value, to get something out of the deal.

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Answered on 11/09/08, 6:23 pm


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