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I lent money to a property owner and carried back a note and…

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Hello, I lent money...

Hello, I lent money to a property owner and carried back a note and first trust deed, my question is the note (balloon payment ) is coming due in 2 months, do I by law have to notify the borrower that the note is coming due on a certain date, and if not paid on time,when can I start to foreclose on the property?

Lawyer's Assistant: You have to pay for your first question. If you sign up for a membership, there is a free trial for questions after that.

Ok

Lawyer's Assistant: Since laws vary from place to place, what state is this in? And has any paperwork been filed?

Oregon.. no paperwork filed,because its not due yet.

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

No

Submitted: 7 months ago.Category: Real Estate Law
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Answered in 1 minute by:
12/26/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 7 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 14,050
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 7 months ago

Thank you for your patience. So, I cannot find any legal authority that requires that you advise them of the balloon payment being due. This means that the terms of your agreement and the common practices in your business are going to be what is going to control. I also checked the Consumer Financial Protection Bureau as well and could not find anything regarding notification, either. Thus, it is recommend that you send notification of the note coming due. The main reason is because if you have to foreclose on the home, you'll have to send notification anyway and the better the paper trail, the less likely that your foreclosure can be thwarted by anything other than a bankruptcy. What other questions did you have for me on this?

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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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