I borrowed money to pay a land mortgage from a friend . I agreed to pay back the debt monthly, I have followed through.

We have a witess loan agrreement withj the land address as collateral, could something go wrong with out all of the fancy survey AND DESCRIPTION.
THANKS

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Originally Posted by digmoore

i borrowed money to pay a land morgage from a friend . i agreed to pay back the debt monthly, i have followed thru.

we have a witess loan agrreement withj the land adress as colateral, could something go wrong with out all ofthe fancy survey AND DESCRIPTION.

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Hello dig:

Make sure you document your payments, so that if something DOES go wrong, you have PROOF you held up your end.

But, if you have a mortgage on it, how did you put it up as collateral for the loan? Since the property is ALREADY spoken for, you might THINK you put it up - but you really didn't.

excon

I have the deed to property as owner with no lien . I have a notethat uses the land as the collateral the questiion my friend sAYS THE note is not legal for a land morgGE?

First, may I call your attention to the guidelines for using the comments feature found here:

https://www.askmehelpdesk.com/feedba...ure-24951.html

Nothing excon said was inaccurate. The fact is that your question was worded vaguely leading to misunderstanding. You owe excon an apology.

If, as you say, the deed is recorded in your name with no lien, then it would depend on the wording of the document you signed. Was it a promissory note or a mortgage or what? If the intent is clear that you borrowed money putting up the property as collateral, its likely a court will uphold the document if you default. The only problem would be if the property was not described clearly so it could be argued what property was offered as collateral.

P.S. Please don't use the Comments feature for follow-up. Use the Answer options instead.