Selling a Promissary Note

[Joseph Thompson]

Greetings, I am an investor and have a question.  I have a house that I closed on about a year ago and the buyer and I did a promissory note for the loan.  He made two payments and has stop paying.  Is a note like this worth selling at a discounted price or should I pursue a foreclosure.  Not real familiar with both options, so I am kind of seeking out information right now.

[Joseph Ball]

This is all good advice. I would add, it may be worthwhile to ask the other party if he would simply return the property to you. It could even be worth "Cash for Keys". Foreclosure is not cheap.