How Do I Enforce a Promissory Note Collateralized with Real Estate?

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Creating a Promissory Note backed, secured or collateralized with real estate may be a problem, as promissory notes are not fully structured for collateral.

A holder of a promissory note is permitted to bring a lawsuit in court to collect money that is due and owing. However, if a promissory note does not also include a mortgage note on the real property “securing” the loan, the holder of the Promissory Note may not be able to foreclose on the property or take any action to remove the owner or tenant.

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How Do the Products and Prices of Standard Legal Compare to LegalZoom?

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Both Standard Legal and LegalZoom® offer quality pro se (self-help) legal document services. Standard Legal offers do-it-yourself legal forms software AND legal document preparation services, while LegalZoom® offers only the document preparation option. The biggest difference between the two companies is price. LegalZoom® charges significantly more than Standard Legal; they have to! See why in … Read more

If a Couple’s Wills Each State that the Other Predeceased, Is That Language Contradictory if We Both Die Together?

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Standard Legal’s Wills for couples are meant to be created individually; it makes more sense for each spouse to have a separate Will than to create one jointly. Further, each Will states, “In the event that my spouse shall die simultaneously with me…I direct that I shall be deemed to have predeceased my spouse.”

This language in both Will is, in fact, appropriate. And while it may appear contradictory, it is in fact intentional.

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Can I Read a Copy of a Person’s Last Will & Testament as a Public Record through the Courts?

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A Last Will & Testament can become a public record in some cases — but only if or when it is submitted to a Probate Court upon the death of the person making the Will.

Until that time, a Will is NOT public record — it is private. And even after it is filed for Probate, some states have significant restrictions on access to these documents as public records.

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If My Spouse and I are Legally Separated and Ready for Divorce, What is the Next Step?

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“Legally separated” can be a misnomer; in many cases, a legal separation and a divorce are the same process. Many people mistakenly call a signed Separation Agreement a “legal separation”, which is not entirely accurate.

If you and your spouse can agree to all of the terms of a Divorce and have no children from the marriage, the Separation Agreement and Divorce filing can be created simply and inexpensively using Standard Legal’s No-Fault Divorce legal forms software. But this option from Standard Legal is only for couples without minor-age children.

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If I Take Power of Attorney for a Friend with Huge Medical Bills, Might I Be Responsible for Payment?

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When someone designates another with Power of Attorney, the designate agrees to manage that person’s affairs on his or her behalf. So long as all business is transacted in that person’s name in a legal manner — the ‘legal manner’ being an important element — the designate cannot be made liable for the debts of … Read more

If My Ex-Husband’s Name is On the Mortgage But Not the Deed and He Files Bankruptcy, Can I Lose My House?

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It depends what steps you take in advance of his bankruptcy filing, and what the mortgage company chooses to do.

Generally, going through the refinancing process for any mortgage on a home when a quitclaim deed has been filed is the safest avenue for a homeowner to pursue. When a quitclaim deed is filed, the obligation within the mortgage documents changes essentially: from the couple jointly owning the property, to just one of the original individuals named in the deed. So the mortgage holder has one less person from which to collect payment, thus increasing their exposure.

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