Legal Question in Real Estate Law in Texas

I used to own a small percentage on a commercial property and when this property was sold, the buyer took out a primary loan from a bank and my small percentage in interest became "owner finance". Now the new owner of the property has stopped paying me and I think he is still paying mortgages to the bank. What are my options? Put a lien on the property or sue him in civil court to recover my money? I live in Dallas, TX


Asked on 2/28/10, 1:23 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

You need to foreclose before the bank does when he stops paying them. If the bank forecloses before you, then your lien will be wiped out. Contact an attorney asap to protect yourself.

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Answered on 3/05/10, 6:59 am


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