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Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 29012
Experience:  30 years of real estate practice experience.
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Can a house buyer just stop paying if there is no deed of trusy

Customer Question

can a house buyer just stop paying if there is no deed of trusy and only a promissery note. She is financing the note.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Loren replied 1 year ago.
Good morning. I am Loren, a licensed attorney, and I look forward to answering your question.
Expert:  Loren replied 1 year ago.
Without a deed of trust or mortgage the loan is unsecured. It is, presumably, still a valid debt, but it is unsecured.
Expert:  Loren replied 1 year ago.
So, the buyer is in default and can be sued for repayment if they stop paying.

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