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I am asking for collateral for a loan I extended. Please exp

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Chicagolulu Guest	Posted: Tue Feb 16, 2010 3:13 pm    Post subject: I am asking for collateral for a loan I extended. Please exp Like 0 Dislike 0 I am in California. A "friend" owes me a great deal of money and has offered to allow me to lein his commercial property as collateral. What does this entail? Do we need to record something with the county? Change the way the title is held? Notify the First lien holder? I really don't know what to do at this point. Can you point me in the right direction? He says there is about 200k in equity and he currently owes me 150k. Can you please tell me how this is done and tell me if you have an opinion on how to secure this otherwise unsecured loan? Thanks _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10438 Location: Alaska 985.71 Dollars($)	Posted: Tue Feb 16, 2010 8:20 pm    Post subject: Like 0 Dislike 0 Hi Chicagolulu! Welcome to forums! You won't be able to place a lien on the property. You will have to file a lawsuit in the court against your friend and get a judgment in this regard. I would suggest you to speak to an attorney and get his opinion in this matter. He will be the best person to guide you in this regard and let you know whether or not you would be able to place a lien on your friend's property. Feel free to ask if you've further queries. Sussane
Chicagolulu Guest	Posted: Wed Feb 17, 2010 4:07 pm    Post subject: Loan already given / too late to get collateral? Like 0 Dislike 0 As a follow up to my original question, can I somehow accept his land as collateral? Like can I get on the deed or something that would give me a secured interest in his land? Thanks
Niicss Joined: 03 Oct 2005 Posts: 4831 Location: New Jersey 508.39 Dollars($)	Posted: Thu Feb 18, 2010 2:10 am    Post subject: Like 0 Dislike 0 When you had given a loan, you must have signed an agreement with the borrower. That agreement will prove that you had given a loan using that property as a collateral. If you have such an agreement, then you do not need to sign any further documents related to it. _________________ Good is the Enemy of Great.

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