Legal Question in Real Estate Law in Pennsylvania
personal equity loan
i took out a personal equity loan on my home, for my live in girl friend of 25 years. the purpose to renovate her personal property for us to move into. we planned on selling my home to cover the loan upon completion of renovations to hers it did not work out. i am stuck with my loan and now she wants to seperate promising to pay me back the $25,000 i borrowed and used on her home. i have no proof except her word and need to cover myself and the loan legally what do i need to do to ensure i get paid back by her soon i am paying only interest on the loan and a balloon payment is emminant i need to secure this loan and guarantee my repayment within a year. i am a senior on ssi disability help please. thank you
2 Answers from Attorneys
Re: personal equity loan
You need her to sign a promissory note and give you a mortgage for that amount on her property. You need to see a lawyer. If you are interested contact me at to discuss 610. 647.5800.
Re: personal equity loan
You may want to contact SeniorLAWCenter.org, [I am not permitted to post a phone number in this response] which assists seniors with limited income.
You will need a note and a mortgage from your ex-girlfriend on her home, or she may be able to borrow on her home directly, and repay you from the proceeds of her loan, so that you may pay off the loan you took out for her.
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