Promissory note/401k
I have a promissory note that is due to be paid in full by April 13,2027. The note was signed for a loan on a house purchase for 236,000 in May of 2022. At the time the personal lender never specified how much the monthly payment was supposed to be nor where it was to be sent to. During the time I inquired to the lender as to how much I needed pay in order to budget for payments due to going off on a medical leave. I was told to take the next two years and enjoy the home and never received additional information as to when to start making payments nor the amount. During the medical leave after many hardships I was deemed disabled and current was released from the company I worked for because my approved extended leave had ended. I am receiving 1900 a month from SSDI and have a 349,000 in 401k and please advise as to how I should approach paying off the promissory note. I’ve tried contacting the personal lender but they have not returned my call to discuss my hardship and possible amendment of the note. Please point me in the right direction. I am an Indiana resident and afraid I will loose the home and my 401 K.
Please help me.
Sincerely Michaline Bryniarski
Terry Says
Whew — you need an attorney, immediately. Your 40l(k) is not at risk, but your home is! Are you still living there? Have you been paying the property taxes? Have you paid anything to the lender? Do you have ANY documentation of this “loan”??
I suggest you walk into the biggest bank in your town and ask them to recommend a real estate attorney to guide you. Or if there is a “legal aid” clinic in town, you might start there. But you definitely can’t do this on your own.
Please write back and let me know what develops.
