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Securing a promissory note with a lien (1 viewing) (1) Guest
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TOPIC: Securing a promissory note with a lien
#7603
smarx08 (User)
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Securing a promissory note with a lien 7 Years ago Karma: 0  
I have lent money to family members because we have been close for year and because they are very good people. I have lent my cousin and his wife over $110,000 since 2007. I have never worried about getting repaid as they have always made payments to me.

I am now worried about the likelyhood of geeting paid as my cousin is now unemployed and his wife is pregnant again. I am not sure how to handle the repayment of the loan, but i know that i need to protect myself in case he defaults on his home loan and on my loan to them.

How do i go about placing a lien on his house?
 
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norton (Moderator)
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Re:Securing a promissory note with a lien 6 Years, 11 Months ago Karma: 0  
Lets start at he begining.

If you didnt memoralize the loan with a written instrument, then you need to go back and put the agreement in writing. I recommend that you retain an attorney to draft a promissory note with a repayment schedule and make the promissory note secured by a security agreement or include the security in the promissory note. You cant file a lien on someone's property unless you first have an express security interest written and signed by the Maker, i.e. your cousin.

Hope that helps. Looks like there is a mortgage on the residence, so even if you are granted a security interest and you are able to file a lien, you will still be second in line, when it comes to priority, to the bannk with has the first mortgage.
 
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