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someguy
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 Posted: Mon Jun 29, 2009 8:44 am Post subject: Second lien.. |
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Hi,
I am lending some money to a friend to buy a house. How do I get added as second lien so that I don't loose my money just in case.
Thanks for your replies.
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 savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Tue Jun 30, 2009 6:12 am Post subject: |
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Hi
Before placing a lien, you need to go to the county civil court in order to confirm that your friend owes you money. The court allows them some time, say 6 months, to repay the loan. If the loan is not paid, you need to send him a certified letter expressing your intention of filing lien against his property. The judge will hold him in contempt of court and will order a a judgment agaianst him. Then, you will have to file the civil court judgment with the land records office to place a lien on the property. |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
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| Posted: Tue Jun 30, 2009 7:00 am Post subject: |
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You need two things: a Promissory Note in the amount of the loan and a Deed of Trust securing the Promissory Note. Record the Deed of Trust in the county where the property is located.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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someguy
Guest
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| Posted: Tue Jun 30, 2009 11:20 am Post subject: Thank you. |
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| Thanks both of your savior70 and jheard for the response. |
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