Legal Question in Real Estate Law in Missouri

Re: Collecting on a Promissory Note

It is unclear from your question whether you are holding a note which is secured by a mortgage or whether it is unsecured. Typically, most trasactions like yours include a purchase money mortgage held by the seller. Consult with an attorney as soon as possible because you do have some rights, some of which you may be waiving by accepting late payments. Typically, the documentation will provide for the recovery of attorneys fees and costs by the prevailing party. Again, contact an attorney who specializes in real estate law and has done foreclosure work, but do not hesitate, you may also be immediately entitled to the collection of rents.

Re: Collecting on a Promissory Note

You need to carefully review the Mortgage and Promissory Note to ascertain the terms of a default and what entitles you to accelerate or foreclose on the Mortgage and Note. This can vary greatly from instrument to instrument and each word must be carefully studied. You must follow the requirements of the documents as to Notice prior to foreclosing.

I would strongly suggest that you consult a qualified real estate attorney to review your documents and perhaps initiate a foreclosure action.

Scott R. Jay, Esq. (305) 249-8000