Legal Question in Real Estate Law in New York

can a friend loan me money to buy a house ? what documentation do i need to show that it was a loan from a friend? the amount is 360,000.00


Asked on 4/15/11, 3:33 pm

1 Answer from Attorneys
Howard Knispel Howard E. Knispel, P.C.

Anyone can lend you money but it depends on what you are going to do with it. Is your friend lending you the entire amount? If so he/she should probably file a mortgage. If it is the down payment, and you are getting a mortgage for the remainder, you could have a note signed, but do not file as a mortgage because the mortgage company will not give you a loan if there is already a mortgage on the property/ If you do not have a lawyer yet, call me to further discuss, 631-864-7589.

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Answered on 4/16/11, 6:23 am


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