Legal Question in Real Estate Law in Alabama

Second Mortage Legal Avenues

I have a second mortage to a gentleman that was on a balloon note, with him to make payments to me of one hundred dollars per month. Then after two years he would refinance with another lender, after his credit became more solid. This gentleman has not paid me any money in over a year and the note is now due. I know I can foreclose, but then I would have to assume the 1st mortage, but I do not want to do this. One reason is I have know idea of the condition of the property and I do not want to go through the hassel of trying to sell it again. Do I have any other alternatives,like garnishing his wages or taking him to court myself.

Please Help


Asked on 11/04/02, 11:04 pm

1 Answer from Attorneys
Marcel Carroll Marcel Carroll JD, PC

Re: Second Mortage Legal Avenues

You may sue the debtor based on his promissory note without foreclosing. Only after you succeeded and acquired a judgment in court could you attempt to garnish his wages. YOu could also then file your judgment certificate in probate court in the county where the property is located to secure an additional (unnecessary) lien against the property. I would not release the mortgage under any circumstances without consulting an attorney.

Read more
Answered on 11/05/02, 1:54 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Alabama