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    olneypj1's Avatar
    olneypj1 Posts: 1, Reputation: 1
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    #1

    Apr 10, 2009, 11:19 AM
    Default on restaurant loan
    We lent a relative money to buy a restaurant in Nebraska. He has defaulted and is willing to sign over the deed to us. How do we make sure there are not any liens on the restaurant before taking it back?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Apr 10, 2009, 11:51 AM

    Hello o:

    Hire a Title company in Nebraska, or better still, a lawyer.

    But, I don't know what difference it'll make. What?? If it HAS a lien on it, you're NOT going to take it back? Come on. Of course, you will.

    You take it back because you're ENTITLED to take it back. And, you should sue him for the difference between what you eventually sell it for, and what he owes you. DO NOT take it back in exchange for letting him off the hook.

    excon
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