WA laws regarding promissory note, contract law, procedure for extending a promissory note

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My wife and I are seniors residing in WA. We are carrying a promissory note on a home we sold in CA. The buyer wishes to extend the note and we need to find out all of our options. The free legal advice providers are apparently not able to help us because we and the property are not in the same state. Can you help us with the info we need?

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Patricia Paul ·
You can contact the State Bar of California for an attorney referral http://www.calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10182 Lawyer Referral Services Program (LRS) The State Bar of California 180 Howard Street San Francisco, CA 94105 e-mail: [email protected] Phone: 415-538-2250 1-866-442-2529 or 866-44-CA-LAW (toll free in California) 415-538-2250 (from outside California)
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John Rizzardi ·
A California lawyer is critical for this matter, however, in general you should be able to reach an extension agreement with the buyer, extending the deadline for payment and modifying other terms, if you agree. That new agreement needs to be properly documented in a new or amended note, and you want to be careful to make sure that you do not lose your rights against the property. Of course, if the note is in default, you have rights to enforce the note and possibly forclose on the property, if the property was provided as collateral to you. Try looking for a small lawfirm or solo general practice lawyer in the county where the property is located. That might be the best way to proceed.
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