Legal Question in Real Estate Law in Missouri

Home used as collateral for business

My husband and I have a small business. When we bought it, we used our home for collateral. If we sell the business do we have to pay off the loan immediately, or can we just continue to make payments?


Asked on 8/02/08, 12:52 pm

1 Answer from Attorneys
Michael R. Nack Michael R. Nack, Attorney at Law

Re: Home used as collateral for business

An attorney should review the loan documents icluding the promissory note and the security instrument/deed of trust or whatever else there is that defines the legal rights and obligations of the parties. If you are in the Eastern half of the state, do not already have an attorney, and would like to discuss this further, you may call me for a consultation.

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Answered on 8/02/08, 2:21 pm


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