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Updated about 9 years ago on . Most recent reply

User Stats

895
Posts
453
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Micki M.
  • Flipper/Rehabber
  • York, UK
453
Votes |
895
Posts

Promissory Notes & Small Claims Court Illinois

Micki M.
  • Flipper/Rehabber
  • York, UK
Posted

I recently had to dump a property in Chicago and to get the deal closed the investors carried a short term promissory note for $13k. Buyers made the first payment then defaulted in the second month.  Part of the reason we were willing to carry was that in Cook County, IL we can make a small claims court claim for up to $10k which is pretty close to the balance owed.  However the buyers have rehabbed the property and intend to cash-out and/or sell so a lien should suffice without causing us to foreclose. Does anyone have advice on filing either of the above? Or a recommendation for someone local who could help, we're all out of state.

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