Las Vegas, NV asked in Real Estate Law for Nevada

Q: How do we change our owner financed home loan from a 5-year loan to a 30-year loan?

I purchased a home that my boss financed for me. I signed a promissory note for 5 years payment then balloon payment or get new financing. It is now due. We have reached an agreement that my boss will now do a 30year financing. How do we change the note from 5year to 30year? I know there will be a new promissory note with the new 30yr terms but, also do we make a new deed of trust, or have it amended to show the new terms? Is this something we do, or do we need to go to a title company again? I also want to add my wife's name to the deed and loan.

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1 Lawyer Answer
Anthony M. Avery
Anthony M. Avery

A: Hire a competent NV attorney to draft a new Note and a Modification of the existing Deed of Trust. It is better for the mortgagee to keep the recording priority of his Deed of Trust as modified of record. But the old Note needs to be released.

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