Legal Question in Credit and Debt Law in Michigan

promissary note secured with second mortgage

I have given a loan to a couple for the purchase of a home. This promissary note was secured with a second mortgage lein. The home has been foreclosed upon by the first lein holder and I will receive nothing from them to cover my loss. Is the promissary note still valid without a lein?


Asked on 4/21/09, 8:55 pm

1 Answer from Attorneys
Timothy Klisz Klisz Law Office, PLLC

Re: promissary note secured with second mortgage

It is. However you simply lost your security. Unless they move to discharge the note in Bankruptcy, you still have a right to sue and attempt to collect on the note. Visit www.kliszlaw.com to get started in recovering your funds. Tim Klisz

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Answered on 4/21/09, 9:32 pm


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