New Rochelle, NY asked in Real Estate Law for New York

Q: mother in law loaned 150000 used house as collateral and sign the collateral loan papers can she put lien and stop sale?

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1 Lawyer Answer
Elaine Shay
PREMIUM
Elaine Shay
Answered
  • New York, NY
  • Licensed in New York

A: If the owner of a property takes a loan to someone (including a mother-in-law) that is secured by a mortgage against the property, the property cannot be conveyed free of the mortgage unless it is satisfied at the closing.

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