QUESTION
What can we do to establish the priority of a family private home loan that is not documented over the new judgment?
Asked on Apr 30th, 2014 on Bankruptcy - Washington
More details to this question:
We did not document or register a family private home loan down payment. We can show the money trail from account to house purchase. Both family borrower and lender agree that there was a loan. Borrower lost a lawsuit and there is a judgment. Is there anything that we can do to establish the priority of the private loan over the new judgment?
3 ANSWERS
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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You are NOT giving enough information Has the creditor actually filed a lien against the house? If not then its first to file in Michigan so FILE the private mortgage immediately.
Answered on May 01st, 2014 at 11:07 AM
No, since the judgment is recorded first it will always have priority over the unrecorded loan.
Answered on Apr 30th, 2014 at 7:18 PM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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You can certainly record the deed of trust or some sort of consensual lien. There are then issues as to priority. And, if you file a bankruptcy there WILL be PROBLEMS with exemptions.
Answered on Apr 30th, 2014 at 7:04 PM