How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 54010
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
17027240
Type Your Real Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

My husband has a note 600,000 loan with interest accrued he

Customer Question

My husband has a note for a 600,000 loan with interest accrued he made to his parents. It is secured by their house. He has passed away and they are saying they don't owe me the money because the loan was with him. It had a payback date of 5 days after the sale of their house. How do I protect my interests? Doesn't the note and lien transfer to me? Since I am no longer speaking to anyone in his family how will I know when the house is sold and how can i collect the money owed. Should the original note and deed be rewritten in my name as lender and lien holder
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Richard replied 9 months ago.

Good afternoon Janice. My name is ***** ***** I look forward to helping you.

They could not be more wrong. The note becomes your asset and the lien continues on the property. Your husband's death does not terminate and relieve his parents of their obligation to pay the debt. What you want to do as part of the administration of your husband's death is to sign an Assignment of Note document as executor of the estate transferring the Note to yourself. Then, you want to record that Note in the real property records of the city/county where the property is located. They will not be able to sell the property and deliver clean title without the lien being released. So, when they go to try to sell or refinance the property, they will have to pay your note to release the lien.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Related Real Estate Law Questions