Legal Question in Banking Law in Texas
My wife sold her home (given to her in her prev divorce decree) but there was a Home Equity loan still outstanding used by her ex-husband. He agreed to pay it back to her in installments since the bank paid off the loan in sale of the home. They both agreed to installments in writing and notorized it but there is no collateral clause or 'what would happen' should he default. 7 months remain on the installments and he has made hints that since he no longer is part owner of his company (they went bankrupt and under law suit of harrassment) he cannot pay the installments. There was no lawyer involved in the written agreement.
He recently bought a brand new boat and his fiance makes 6 digit salary.
What is my wife's legal recourse ?
1 Answer from Attorneys
"No lawyer involved in the written agreement." I guess she was trying to save money.
The enforceability of the agreement, or contract, or promissory note that was signed depends on what it says.
Next time: get a lawyer.
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