I have a promissory note from an attorney in lieu of a closing fee for 1 that is in default. The attorney is claiming he doesn't have the m...

Question

I have a promissory note from an attorney in lieu of a closing fee for 1% that is in default. The attorney is claiming he doesn't have the money and wants me to bring another deal to the table in order to compensate for the funds collected but never distributed. The loan amount was approximately $1.4MM. As a result, I have a promissory note from the attorney, with a personal guarantee, stating that he owes the money for the closing. The note was provided to me on or around July 1st 2013 and is currently in default as of August 1st 2013. What options do I have to collect on the note? How shall I proceed?

Answer

Retain counsel to pursue collection.