Legal Question in Real Estate Law in Nevada
Promissory Note
I hold a Promissory Note for 100,000 that is was secured by property (land). The Trustor(s) of this note did not make the payments. This land was foreclosed on and recently (Oct. 8, 08) went to sale. What can I do to try and recover any of the money?
2 Answers from Attorneys
Re: Promissory Note
If your lien has been squeezed out by a superior one you have to file suit in civil court. Otherwise you could foreclose yourself. If the debtor files bankruptcy you're out of luck.
Re: Promissory Note
As a "sold-out" junior lienholder, you must bring a timely lawsuit in the proper court to obtain a money judgment for the unpaid portion of the formerly secured note, and any collection expenses provided for under the instrument.
Your attorney can advise further.
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