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Lending Money to Relative |
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I'm lending a family member money with the understanding that I'll place a lien on their home. My question is how do I go about doing that? |
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Your lawyer draws up a mortgage document, your relative signs it, and it is entered in the public records. One caution -- if there are already a lot of other mortgages and liens on record, yours would go to the end of the line and there might not be anything for you to collect if it came to a foreclosure or the sale of the property. Your lawyer can investigate that and tell you where you'd stand. |
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Edith
Originally published on November 27, 2007 |
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