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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34138
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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Maker of secured promissary note declines to renew note at

Customer Question

Maker of secured promissary note declines to renew note at this time.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  NYCLAWYER replied 5 years ago.
Good morning:

Can you explain the situation a little bit more and clarify for me
1. what state this is in
2. what do you want to know
Customer: replied 5 years ago.
t this time I don't hold any hope to get my investment returned inasmuch as the real estate market is as it is (according to themaker of the note).The investment was made several years ago with ine of the most prominent real estate companies owned by a prominent realtor in scottsdale , Az.
Expert:  NYCLAWYER replied 5 years ago.
I still do not understand what you are asking.
Customer: replied 5 years ago.
I do not know what additional info you need.
Expert:  NYCLAWYER replied 5 years ago.
You are asking about real estate you owe more on than you have equity?
please rephrase your question as I do not know what you know.
Customer: replied 5 years ago.
I invested $70,000.00 with "Demopa Investments, LLC in Scottsdale, Az. The loan was secured by a promissary note payable monthly at 10% interest. This note expired in June 2009. The note is secured by real property in Arizona. The maker of the note declins to renew the note at this time (mainly because this same property is listed in bankruptvy proceedings by a partner in Demopa. . I sent Demopa a letter some time ago requesting a retirn of my investment which they had told me was refundable at any time with proper notice, AT THIS TIME THIS IS NOT POSSIBLE BECAUSE OF REAL EState problems in Az. What can do to at least get a renewal of my note?
Expert:  NYCLAWYER replied 5 years ago.
Given the bankruptcy elements I am going to ask bankruptcy experts to look at this for you.
Expert:  socrateaser replied 5 years ago.

Hi,

 

If you have a note secured by a trust deed against real property, then your recourse is to foreclose on the property.

 

You state that the maker declines to renew the note. My comment would be "so what?" If the note is due and the maker doesn't pay, then foreclose on the property.

 

If the property is listed as an asset in a personal bankruptcy, then you must ask the bankruptcy court to lift the automatic stay so that you can commence the foreclosure. I asume that this means that the partner has a joint interest in the property with the LLC. If so, then it simply means that your note is secured only by the LLC's interest, which could make complete recovery in foreclosure difficult, because there may be insufficient equity in the property to pay back your investment.

 

Hope this helps.

 

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