QUESTION
Can my mother sell the notes from her business to JG Wentworth or any other collection agency?
Asked on Aug 23rd, 2012 on Bankruptcy - Florida
More details to this question:
My mother has a second lien on a business (two actually) and the couple will not pay her. They pay here and there but are very behind. They do not pay regularly. We have been told there is nothing she can do. She is 70 and should not have to deal with them anymore.
5 ANSWERS
Bankruptcy Attorney serving Seattle, WA
at
The Law Office of Marc S. Stern
Update Your Profile
She can sell the notes. She can also foreclose. As to a purchaser, that is a completely different question.
Answered on Aug 27th, 2012 at 1:32 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Sure, unless the obligations have a non-assignment clause.
Answered on Aug 27th, 2012 at 1:31 PM
Business Law Attorney serving Bingham Farms, MI
at
James T. Weiner, P.C.
Update Your Profile
Yes she can sell the notes.. if a collection agency will buy them.. It will be at a discount though..
Answered on Aug 27th, 2012 at 1:31 PM
Who has told her there is nothing she can do? If it's anyone besides an attorney, you should not trust that advice. She should speak to a collections attorney on this matter. But yes, she can sell the debt to a collection agency. Google "debt buyers" and you should come up with some companies who do this. Be aware that such companies can often be unethical in their practices, and she will not get anywhere near the value of her lien.
Answered on Aug 27th, 2012 at 1:28 PM
Dennis P. Mikko
If the notes are legally binding, she could take action to collect on them if they are delinquent. A promissory note is personal property and she could sell it to a will third party buyer. The buyer would probably want to purchase it at a discounted rate.
Answered on Aug 27th, 2012 at 1:28 PM