Carl Nelson

Carl Nelson

  • Bankruptcy, Foreclosure Defense, Real Estate Law
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Practice Areas
    Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt Relief
    Foreclosure Defense
    Real Estate Law
    Commercial Real Estate, Condominiums, Mortgages, Residential Real Estate
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Professional Associations
State Bar of New York  # 4714788
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Attorney Carl J. Nelson
Legal Answers
60 Questions Answered
Q. I let someone borrow $2,500 and the person does not want to pay me back, can I sue that person to get my money back?
A: If there was an agreement to pay the funds back, you can sue to recover…the questions are (1) can you prove the debt (especially if the agreement was oral rather than written); (2) how much time and cost will you incur to being an action; and (3) is there a means to collect on a judgment.
Q. Two borrowers (not married) on a Joint Mortgage - one moves out, other stays
A: You've only used the term"borrower," which is distinct from any ownership interest in property, but because you refer to being on a mortgage, I would assume you both have an ownership interest. In that respect, it is possible for one co-owner of a piece of property to seek to partition a piece of real property in New York. If this is not possible, which it rarely would be for residential property, the property may be sold with the profits being distributed according to each party's ownership interest. You would be entitled to an accounting of the amounts paid on the mortgage, etc. and could also use that as a bargaining chip in trying to negotiate a settlement to avoid a sale. ... Read More
Q. My daughter.was recently on the deed alone. Legally she is power of attorney. I'm still holding the mortgage alone. Ca
A: It would be helpful to clarify your terminology. First, I’m not clear what you mean by your daughter is a power of attorney? Who does she hold this power for? If she holds the deed and you hold the mortgage, I’m not clear what the relevance of the POA is.

Second, when you say you “hold the mortgage,” that would imply that you are the lender/lienholder, but I’m not sure this is what you meant to convey. The titleholder of a mortgages property is the mortgagor, who gives the mortgage to the lender, typically but not always a bank. The mortgage can be transferred to another lender along with the note, who can then enforce the terms of the note.

Again it would be helpful for you to clarify your question, as it is not totally clear what you are trying to accomplish. Of course, this forum is not a substitute for legal advice from an attorney where substantial legal or financial rights are involved. ... Read More
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Contact & Map
Carl J. Nelson Law, P.C.
800 Westchester Avenue
Suite N-641
Rye Brook, NY 10573
Telephone: (877) 282-2882
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