Legal Question in Credit and Debt Law in Pennsylvania

How to file a prommissory note and collect on it

I made a loan to my partner for $175,000.00 with his house a collateral using a promissory note 5 years ago. He is in the process of defaulting on that note. I wanted to know if I can still file the note with the state and put a lien on his house since he used it for the collateral and if so what department of the government do I need to go see to do this.


Asked on 4/18/06, 6:46 pm

2 Answers from Attorneys
Mark Johns Mark Johns, Esquire

Re: How to file a prommissory note and collect on it

Without a mortgage you would need to file suit and get a judgment. As he is using the house for collateral your judgment would be second in line to a previously filed mortgage.

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Answered on 4/19/06, 6:41 am
Charles A. Pascal, Jr. Law Office of Charles A. Pascal, Jr.

Re: How to file a prommissory note and collect on it

You didn't say where the house was located. If it's a mortgage you can file it with the Recorder of Deeds in the county in PA where the house is. If it's not a mortgage, you would have to file suit to get a judgment.

If all of this is in Oklahoma, you need to talk with an attorney there. If so, let me know and I can recommend one.

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Answered on 4/19/06, 9:54 am


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