Need Advice to rooky in legal matter...

[jaeandrichie]

What is the name of your state? AK. Someone want to borrow some amount of money(over $20,000). She have 2 residential house & 1 commercial building, All those have mortgages of-course.Looks pretty strong
financially. But need to do something for securing that deal against real estate. My plans are
1. Preparing promissory note between us. 2. Also preparing & recording Individual to individual warranty deed. At this point questions are
1. Possible? Collateral on the prommisory note is Real Estate
2. Using right? Preparing individual to individual warranty deed.
3. Need to contact mortgage holder(bank) ? To do lien on same property w/mortgage holder(bank). I really appreciate your sincere opinions...
Thanks much & Happy Holiday to your family.

 

[HomeGuru]

What is the name of your state? AK. Someone want to borrow some amount of money(over $20,000). She have 2 residential house & 1 commercial building, All those have mortgages of-course.Looks pretty strong
financially. But need to do something for securing that deal against real estate. My plans are
1. Preparing promissory note between us. 2. Also preparing & recording Individual to individual warranty deed. At this point questions are
1. Possible? Collateral on the prommisory note is Real Estate
2. Using right? Preparing individual to individual warranty deed.
3. Need to contact mortgage holder(bank) ? To do lien on same property w/mortgage holder(bank). I really appreciate your sincere opinions...
Thanks much & Happy Holiday to your family.

**A: hire an attorney like, last week.

 

[seniorjudge]

**A: hire an attorney like, last week.

HG is absolutely correct.

Have that lawyer double check and make sure that you do not do something to trigger a "pay in full" clause on the current mortgage.