Legal Question in Real Estate Law in Nevada

Converting a defaulted Secured Promissory Note to Civil Action & Judgment?

I am holding a $15,000 defaulted note, secured by real estate. I am in a poor (4th) position.

Rather than foreclose and likely lose my investment due to the property not selling at auction for the full value of all of the notes, CAN I SUE CIVILY AND OBTAIN A JUDGMENT AND GO AFTER $ & PROPERTY WRITS? Worse yet, the debtor (to my belief) has other judgments but I am having a tough time verifying as I am out of state)


Asked on 12/25/08, 11:22 pm

2 Answers from Attorneys

Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

Re: Converting a defaulted Secured Promissory Note to Civil Action & Judgment?

Yes, you can sue him. Do you know of property that you can get? If he has other judgments, it is likely that he may have already hidden the property. I don't believe that you will able to find a good attorney to collect for you without offering some money up front, rather than a strict contingency.

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Answered on 12/26/08, 12:54 pm
Paul Malikowski Malikowski Law Offices, Ltd.

Re: Converting a defaulted Secured Promissory Note to Civil Action & Judgment?

Good evening, Sir or Madam:

Your case sounds very interesting. However, I cannot offer conflict-free advice until I know the name(s) of the maker(s) of the promissory note you want to collect.

Assuming no conflict, I am available for this type of litigation. These days, what with the rash of foreclosures and declining real estate values, there are a lot of deficiency claims arising. Many of them are discharged in bankruptcy. Before pursuing this type of case, which can be very expensive, you may want to examine the possibility that your debtor(s)' response to a civil case will be a bankruptcy filing.

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Answered on 12/25/08, 11:51 pm


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