Posted by d.henderson on May 20, 2000 at 20:57:43:
Thank you Lonnie and I can’t wait until…October?
Where and when is all I want to know, because I’ll be sitting on the front seat. smile
always learning,
Dee-Texas
default on promissory note? - Posted by d.henderson
Posted by d.henderson on May 20, 2000 at 17:23:58:
Hello All,
I have a question that hasn’t happened YET but just would like some in sight. I know that when someone doesn’t pay rent or lease you can send them a 3 day pay or quit. What happens when they default on a promissory note? What type of paper work do you send? Anyone have a copy?
All ideas greatly appreciated.
always learning,
Dee-Texas
Re: default on promissory note? - Posted by Lonnie
Posted by Lonnie on May 20, 2000 at 19:28:59:
Hi Dee,
It would depend on your local law. In VA, once the note goes into default, a “Warrant in Detinue” is filed against the payors. The cost is $30 for one person, or $42 for two. A court date is set, usually within 3-4 weeks. I show up in court, and possession is granted.
If the defendants don’t show up, I can file for an immediate possession. If they do show up, they can get 10 days to vacate, or appeal. As long as the amount isn’t over $10,000, it’s handled in small claims court, and no lawyer is required. Another reason I like the cheapo deals.
Check with your Clerk of Court for what the procedure is in your town.
Hope this helps,
Lonnie