I am looking to consult with a attorney who specializes in Promissory Note that was done for Real Estate Mortgage with property as collateral.

Hello! My name is Dolan and thank you so much for contacting me! I just had a few quick questions for you: What reasons have they given for their delay in this case?

Got it! Are you able to upload or copy and paste a copy of your demand letter to me here?

Hi Prayas! I'm going to take some time to review this and I'll get back to you as soon as possible!

Ok thanks for your patience! I had a chance to review both documents. A breach of contract simply means that one party was obligated to perform and they have either not performed or have said that they will not perform. (Restatement (Second) of Contracts.) This applies regardless of whether the agreement was written or done orally. Typically, the aggrieved party is entitled to be returned to the same position they were in before the breach. You have some options you can explore: The court should find in your favor because you have made every reasonable effort to communicate and resolve the matter with the borrower, including formal demand letters and direct outreach through various channels. The terms of the promissory note are clear, and the borrower has failed to fulfill their obligation by the maturity date, leaving both the principal and accrued interest unpaid. Additionally, the borrower's admission in their email response that they are unable to pay and are struggling to address their financial situation underscores their default on the agreed terms. Your actions to enforce repayment are consistent with the legal rights granted under the note, and the borrower's inability to pay does not absolve them of their obligations under the agreement. These facts establish a strong case for the enforcement of the promissory note.

So what this means for you is that you would need to consider the following: You’ve got a few options here, depending on how much time and money you’re willing to put into this and how cooperative the borrower might be. 1. One route is to try and negotiate a settlement. Maybe you accept just the principal or a reduced amount to close the matter quickly without further hassle. If that’s not going anywhere, you could take legal action and sue to enforce the promissory note. 2. In other words, you could sue. This means once you have a judgment in your favor, you could pursue collection methods like garnishing wages or even freezing their bank account. 3. You may want to move fast on this because they may try to file for bankruptcy protection. If you sue and you end up with a valid lien on the property then you could help ensure your rights to get paid. 4. If you don’t want to deal with the legal process yourself, there’s always the option of hiring a collection agency to go after the debt for you. They’ll take a cut of whatever they recover, but it saves you from dealing with the headache directly. On the flip side, if it feels like you’re hitting a wall and the borrower really doesn’t have the means to pay, you might consider writing off the debt altogether and potentially claiming it as a loss on your taxes. Obviously, check with a tax expert on that. 5. Finally, another route could be mediation to settle things outside of court if both sides are willing to cooperate. It really comes down to what you think will get you the best result with the least amount of stress. Does that help clarify things? I want to make sure I didn’t leave anything out.

You are most welcome! Please let me know if you have any other questions!