Legal Question in Credit and Debt Law in Georgia
I recently entered a promissory note with a lender of a second mortgage as a result of a short sale. The promissory note is for the balance of the loan that was not covered as a result of the short sale. Since the signing of the promissory note, the lender has gone out of business. I was contacted by a company that stated they had "taken over" the account/promissory note. Am I legal bound to continiue paying the promissory note to this new company who "took over" the promissory note since the original company I made the promissory note with has gone out of business?
3 Answers from Attorneys
Assuming they did in fact "take over" the note by purchase or assignment, yes,
Yes. (And you should have seen a lawyer before you did the sale, as it was completely foolish to do a short sale AND sign a note).
Yes, you are. This happens all the time.
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