Foreclosure in 33189>Question Details

Agambitta, Home Seller in Sandy Springs, GA

I have received a notice that my Promissory Note is void, by Triad Guaranty.

Asked by Agambitta, Sandy Springs, GA Mon Jul 25, 2011

I recently closed on a short sale in Miami, FL. Does this mean I am in the clear with the lender, and AHMSI (loan servicer.) ?The Promissory Note was voided since AHMSI cancelled the Insurance policy with Triad.

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You may not be if there was a balance, it depends what you signed for your short sale, the prom, note would be released as the asset is no longer used as security. It will depend how you negotiated what happens with teh shorted amount and if you signed anything saying you would pay it back. i would ask your lawyer or negotiator who completed teh short sale on your behalf. good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Jul 25, 2011
Your promissory note was also void when you stopped paying on it! Void means the note is due or has come due, that is all!
0 votes Thank Flag Link Tue Jul 26, 2011
Good Morning Agambitta,

You are are asking a very good question, which we as realtors can not answer, first and foremost because we are not attorney, and second we do not have the documents you signed and were provided to even help guide you in the right direction to get the answer you need. You will want to gather all of the documentation and then place a call to a real estate attorney so that you may have a consultation to determine where you actually stand on this matter. With all the different things going on now with foreclosure and short sales, it is best to be in contact with an attorney that can get you the proper information from the closing agent as well as the lender that approved your short sale.

Good luck on getting the answers you seek and need, and hopfully this will be solved fully for you so that you move forward with nothing hanging over your head.

Lila Lopez
RE/MAX Advance Realty
0 votes Thank Flag Link Tue Jul 26, 2011
Agambitta all depents on how your lawyer worked the case, but if that property was your only property, more liked you are excused, mention that to your lawyer. Good luck
0 votes Thank Flag Link Mon Jul 25, 2011
Talk to the lawyer who took care of your sale ! This is a legal matter and we are not attorneys. There are lots of differrent scenarios. Good luck !
0 votes Thank Flag Link Mon Jul 25, 2011
Promissory Note maybe is void by Triad Guaranty, but not with your bank in the short sale. Suggested is find a lawyer to be more clear, plus call to the bank in a short sale. Have a nice day
0 votes Thank Flag Link Mon Jul 25, 2011
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