Legal Question in Real Estate Law in Florida
I completed a short sale on my home last July. The first lien holder agreed to forgive the remaining debt. I also had a 2nd lien holder (home equity line of credit). In order for the short sale to be approved, I had to sign a promissory note for the home equity line of credit that I will still owe the debt. I felt I was backed in a corner due to the situation I was put in so I had no choice but to sign it. They are now calling trying to collect the debt and I am in a bad financial situation where I can not pay. Can they actively pursue me and what can they legally do? Thanks.
2 Answers from Attorneys
You were not backed into a corner. You borrowed the money. You were abligated to pay. Thankfully, the first lien holder forgave your debt. You signed a "Promissory Note". That means you promised to pay. They can pursue you. What they can do will depend on what the Note says.
I am sorry to hear about this. Yes, they can sue you for the amount owed. Review the promissory note. You agreed to those terms and signed the note. If you felt like you were being backed into a corner, you should have consulted with an attorney about what your other options were before agreeing to the short sale. Regards,
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