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