my granddaughter owes me seven thousand dollars. what is the best way to secure my seven thousand dollars against real estate that she owns.
Question Details: the real estate is worth approximately 100,000.00 and has a present promissory note (4000.00) made payable to her mother in the event that granddaughter sells or makes a loan on the property. shall i ask my granddaughter to sign a promissory note for me also? the 4000.00 promissory is the only encumbrance on the property at this time.
In Missouri you need to have 2nd mortgage prepared and recorded. I can help feel free to contact me at GSK47@aol.com or 314 725-8000.
Greg S. Kessler
231 south bemiston
Clayton, MO 63105
It sounds like you have the right idea--get a security interest in the property. You might want to include language in it stating that no later-made encumberance can take higher priority than you note, to prevent her from getting a HELOC or 2nd mortgage and undercutting your security interest.
