Posted by Michael Morrongiello on May 31, 2000 at 20:14:07:
My concern is that onece the mortgage has become extinguished IF there was no prior election to bring suit on the note obligation, then the note obligation may also become unenforceable. It would be best to check with a competent real estate attorney before putting up any hard earned $$ on this one. I somehow recall that YES you can sue on a note only, however you must make some sort of election to abandon the mortgaged collateral in order to pursue that form of collection.
Let us know what you turn up?