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 Phillips Esq. Your Own Question
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 18817
Experience:  B.A.; M.B.A.; J.D.
Type Your Real Estate Law Question Here...
Phillips Esq. is online now
A new question is answered every 9 seconds

I have two promissory notes with my parents starting in 2004

Customer Question

I have two promissory notes with my parents starting in 2004 for $120,000 each. I have been paying interest only for 12 years at $1200 a month. i was supposed to inherit one of the loans upon my parents death(not my idea) my mom is still alive and doing fine. I have paid $170,000 so far and the total is not any smaller. My mom and I are trying to renegotiate the notes so that I dont owe so much(they are tied to a lein on the house). This is a really screwed deal for me which my ex husband and my now deceased father came up with as a way for my disabled rother to continue to get money after they die.(by paying $600 a month into a trust). We are looking for someone to fix all this shit so im not paying so much for 30 more years., without my mom getting tax penalties for forgiving some of the money while she is alive. Any ideas?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 1 year ago.
You would need a local tax Attorney to review the documents and then suggest ways to modify the documents for the benefit of all concerned. That review cannot be accomplished with the confines of this forum. You can use the following sites to find local tax Kindly give a positive rating to my response so that I can receive credit for responding to your post. There is no additional cost to you for doing this. Thank you for your cooperation.

Related Real Estate Law Questions