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Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 57709
Experience:  Experienced lawyer
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My son is purchasing a home from me on a 30 year loan. His

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My son is purchasing a home from me on a 30 year loan. His payments are always up to date. Right now he needs some startup cash for a computer business and has asked if I can "loan" him money, by way of not making payments to my account for the next six months. He will get a notarized statement to the effect that he will pick up the payments as they are now after the gap. He will then stick to the original 30 year loan documents. This would continue the loan for an extra six months.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: The house is in California and I am a Washington state resident. The loan was contracted in California.
JA: Has any paperwork been filed?
Customer: Not yet. He is waiting for my reply.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No,
What is your question about this transaction?
Customer: replied 7 months ago.
Is this an allowable transaction under California law? Is a notarized statement sufficient for a guarantee that the original loan will reinstated with a six month addition?
The loan can be revised in this manner as an amendment or order or as a new loan covering the change in terms. It should be notarized and recorded.
Infolawyer and other Real Estate Law Specialists are ready to help you
Customer: replied 7 months ago.
Thank you, ***** ***** what I needed to know.