Posted on: 22nd Nov, 2009 08:09 pm
I owe a person money that we agree to put a 2nd lien on my property. In what kind of lien (2nd trust deed or others) should I put this 2nd lien on my property? and what kinds of consequence according to different form of liens? Do I need a primary note for a 2nd lien? Thanks.
In order to place a lien on the property, you will have to file a lawsuit in the court and get a judgment. If you get a judgment in your favor, then you would be able to place a lien on the property as a 2nd trust deed. If your lien subordinates the original mortgage, then you will receive your money prior to the original mortgage when the property is sold off.
>>Do I need a primary note for a 2nd lien?
Yes
>>I owe a person money that we agree to put a 2nd lien on my property.
Have a Real Estate Attorney draw up a Note and place a 2nd Trust Deed against your home. The 2nd will be removed after you've completed paying the person back, as per the terms of the Note.
Yes
>>I owe a person money that we agree to put a 2nd lien on my property.
Have a Real Estate Attorney draw up a Note and place a 2nd Trust Deed against your home. The 2nd will be removed after you've completed paying the person back, as per the terms of the Note.
