I have a Note & Mortgage on real estate property in New York State with a real estate investor. It is now 6 months in default. The note is recorded in the county records. Numerous contacts have been made to mortgagor asking for payment of interest due and/or expectation of when it would be paid. In last contact (10/23/09) I was advised that I would be paid when sale of other properties would provide adequate funds to do so.
There is a clause under my contract to demand full payment of principal plus interest if a default occurs.
What should I do?
1 Answer from Attorneys
You need to initiate a foreclosure action.