If a personal loan is given to an individual to prevent them from going into foreclosure, can I place a lien (mechanic) or otherwise on the property?
The property owner has a first and a second on home. The second is ready to go to foreclosure. Rather that holding a second, I can make a personal loan to the owner that will give them breathing room to get caught up. What can I do to protect that loan? Third place is not comfortable, neither is second and they have nothing else to use as collateral. Suggestion please. Thank you in advance.
Answers (1)
FIRST ANSWER
I would suggest you contact an attorney who specializes in real estate law.
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