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Updated about 9 years ago on . Most recent reply
Promissory Notes & Small Claims Court Illinois
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.