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Samuel II
Samuel II, Attorney at Law
Category: Family Law
Satisfied Customers: 27011
Experience:  General practice of law with emphasis in family law.
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Subject is private loans and real estate within marriage 1.

Customer Question

Good Day, subject is private loans and real estate within marriage 1. Start off single...purchase my house and obtain a private note/mortgage from seller. 2. I get married and spouse move's in with kids. 3. I sell my house that's too small to accommodate
family and buy bigger however spouse is on deed of second house. Note, I still have the note from first house as private note. In equitable property division how is that private loan viewed and who's responsible to pay it back? Wife did benefit from funds
for new house and payments were shared when we got married. Approx. 35k balance on private unrecorded note
Submitted: 1 year ago.
Category: Family Law
Expert:  Samuel II replied 1 year ago.

Hello

This is Samuel and I will discuss this and provide you information in this regard.

Can you explain to me how you could sell the first house and the loan (private note) had not been paid at the time of closing?

Expert:  Samuel II replied 1 year ago.

As an unrecorded note? So when the title search was done, the note was still outstanding because it never appeared in the land records title search?

Expert:  Samuel II replied 1 year ago.

That would mean that when you sold the house, you did not pass a clear title. Did anyone at the title company ask you if you owed anyone any money on the house that was not recorded? Was the Deed transferred to your name from the holder of the private note?

There seems to be a lot more at issue here than who has to pay the debt.