I am not sure why your attorney does not want you to have any contact with Jack ( the note holder)?
I would get a copy of the actual prommissory note instrument and calculate a balance due. This will give you a ballpark balance. IF you can find out WHEN the note stopped performing then you can back into an estimated balance due.
If your attorney does let you interact with the note holder (Jack) and perhaps also the payors on the note you can try to see if they will execute or acknowlged what are known as “Estoppels” . This is a document in an afidavit format that requests the parties to indicated the balance due, the terms, whether or not any defaults, offsets, or defenses to the payments exist, etc. - Of course there is NO guarantee that they will sign or even acknowlged the estoppels however it is worth a shot especially if your perceived as a “problem solver”…
I need to find out the balance due on this loan. - Posted by RobertR CO
Posted by RobertR CO on April 20, 2000 at 21:19:17:
This question relates to a loan made by an individual (call him Jack) and secured by business collateral. The debtors have closed their business and probably stopped paying Jack. There may be a lawsuit related to this loan.
I need to know the balance on the loan made by the individual. Our attorney has told me not to contact Jack directly but encouraged me to determine the balance due.
My idea is to send a letter in my friends name which says we buy all types of notes (including business notes) and specialize in non-performing paper. If Jack takes the bait and calls my friend, he can probably get a balance due from Jack as part of the conversation.
I am also interested in buying the note depending on discount and contingent on a few other things happening.
Do you folks have any ideas on how to find out the balance? I have already obtained a copy of the filed UCC statement and as usual it does not show the loan amount or any related details.