Legal Question in Real Estate Law in New York

mortgage note

we have a small equity loan on our house. My sister in law wants to lend us $20,000 in the form of a note or 2nd mortgage. do we have to make sure our equity loan would allow a 2nd mortgage ?


Asked on 2/16/09, 7:01 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: mortgage note

No. All you would have to do is have language in the 2nd mortgage that it is subordinate to the equity loan on the house.

Mike.

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Answered on 2/17/09, 8:42 am


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