Legal Question in Real Estate Law in Florida

Trust has Defaulted on Real Estate Contract-Promissory Note

We recently sold an aprtment to a 'trust', and there was a 'promissory note' at closing, stating the terms of the payment of the mortgage by the trust. Then there was another 'promissory note', written by one man, signed by another after the original contract, stating the terms of payment of the money due us upon closing. To date, they have not kept their end of this 'promissory note'. Any suggestions on how to approach a trust?


Asked on 2/26/02, 9:56 pm

1 Answer from Attorneys
Peter Gonzalez Sanchez-Medina, Gonzalez, Quesada, Lage, Crespo, Gomez & MachadoLLP

Re: Trust has Defaulted on Real Estate Contract-Promissory Note

Your question is somewhat confusing, but it appears you need to file an action for breach of a promissory note. Most Notes provide for a higher default interest, and the recovery of costs and attorney's fees incurred in relation to the default and lawsuit made necessary by non-payment. Furthermore, the Note may provide for the acceleration of all the payments under the Note. Seek the advice of a litigation attorney and good luck.

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Answered on 2/27/02, 10:24 am


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