UnSigned Prommisory Note

[zddoodah]

Clearly I dont have everything figured out. . . .

This thread has mostly outlived it's useful life. Here are the things that are pretty clear.

1. The note isn't enforceable.

2. You appear to have enough evidence to prove the loan and the agreement to repay.

3. The sticky part will be proving the terms of the loan agreement. You claim that the agreement was for interest-only payments until the sale of the home. While the evidence is consistent with that, it's not inconsistent with other agreements. The probative value of the unsigned note is questionable, and I'll bet that the debtor will not admit the terms of the agreement as you allege them.

4. Regardless of the above, you have no viable legal claim until the house sells and you don't get paid within a reasonable time. If only a monthly payment is missed, you only have a claim for that missed payment because, as was noted earlier in the thread, you don't have any evidence of an agreement to accelerate the debt in the event of a missed payment.

 

[nope]

This thread has mostly outlived it's useful life. Here are the things that are pretty clear.

1. The note isn't enforceable.

2. You appear to have enough evidence to prove the loan and the agreement to repay.

3. The sticky part will be proving the terms of the loan agreement. You claim that the agreement was for interest-only payments until the sale of the home. While the evidence is consistent with that, it's not inconsistent with other agreements. The probative value of the unsigned note is questionable, and I'll bet that the debtor will not admit the terms of the agreement as you allege them.

4. Regardless of the above, you have no viable legal claim until the house sells and you don't get paid within a reasonable time. If only a monthly payment is missed, you only have a claim for that missed payment because, as was noted earlier in the thread, you don't have any evidence of an agreement to accelerate the debt in the event of a missed payment.

Yup, the actual language could be challenged as his word against mine. So it depends on how the judge views the insurance policy. If he thinks it bolsters my claim, or if he simply disqualifies it from consideration. But thanks for all the opinions, they did greatly help my mindset in all this. I won't rush to mess up the sale in some way. Clearly that does nether of us any good. So my planning will be focused on the things that could matter.

 

[adjusterjack]

So my planning will be focused on the things that could matter.

Good.

If you want to report the results in the future just open a new thread and put a link to this onw.

Which is now locked.