What is the name of your state (only U.S. law)? CA
I purchased 2 hard money notes in CA almost 2 years ago. Last week I received a notice of default and election to sell under deed of trust on one of the notes, because my name is on the trust deed which was suppose to secure the loan. It states that I must pay $303,257 if I want to pay the debt off. However the property is only worth about $195K
Does this mean that my 2 options would be to walk away from the large amount of money I invested in this, or to pay off the debt in full. Does anyone know if there are other options, like negotiating with the bank for a much lower payoff?What is the name of your state (only U.S. law)?
I purchased 2 hard money notes in CA almost 2 years ago. Last week I received a notice of default and election to sell under deed of trust on one of the notes, because my name is on the trust deed which was suppose to secure the loan. It states that I must pay $303,257 if I want to pay the debt off. However the property is only worth about $195K
Does this mean that my 2 options would be to walk away from the large amount of money I invested in this, or to pay off the debt in full. Does anyone know if there are other options, like negotiating with the bank for a much lower payoff?What is the name of your state (only U.S. law)?