QUESTION
Can I ask for more money than promissory note amount.
Asked on Jul 30th, 2020 on Breach of Contract - Washington
More details to this question:
Purchased 50% of sons house. I have promissory note with deed as collateral. House was supposed to be put into LLC but never was. He checks all boxes for fraud. 5 years later the house has increased in value by 150 thousand , he has violated our agreement and insists he only owes promissory note. Do I have recourse?
1 ANSWER
I'm not sure Iunderstand. Did you buy half the house or did you loan your son the money to cover half the house? If you had purchased half the house, why would you hae a promissory note for your son to repay you? Anyway, if you loaned your son money, you only have the right to recover that money, plus interest (plus attorneys fees and other costs if the l oan agreement so provides). If you bought half the house, you may have the right to compel the sale of the house and split the proceeds, minus costs of sale.
Answered on Jul 31st, 2020 at 7:59 AM