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I have a promissory note and the debtor has not paid the…

Customer Question
I have a promissory...

I have a promissory note and the debtor has not paid the agreed upon amount

Lawyer's Assistant: Because laws vary from place to place, can you tell me what state this is in?

New Jersey

Lawyer's Assistant: Has anything been filed or reported?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I don" ' I don't think so

Submitted: 7 months ago.Category: Legal
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Answered in 6 minutes by:
11/30/2017
Lawyer: KLAW, Lawyer replied 7 months ago
KLAW
KLAW, Lawyer
Category: Legal
Satisfied Customers: 2,351
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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In general, the terms of the promissory note will govern the determination of default. The note should contain provisions regarding late payments, late fees and the chain of events upon a borrower’s official default.The first step upon default is to send a demand letter to the debtor. This letter puts the debtor on notice that he has defaulted on the loan and you have opted to call the entire amount due. In the letter, you should include the total amount due with interest and penalties as well as the due date. The letter may also contain other statutory language relating to fair debt collection practices, which is required under federal law.If they do not respond and pay as agreed in the note then you may then file a lawsuit in New Jersey Superior Court. The promissory note will be attached to the complaint and will serve as evidence of the existence of the debt. The debtor may attempt to object to the debt or litigate the issue. After you obtain a judgment and it is entered, you can start the process of enforcing the judgment lien.
I hope this clarifies. Please don’t forget to rate the question for credit and tracking so that I will receive payment for assisting you with your question
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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