I loan friend money to make closing deadline on new home. while their old existing home is on the market to be sold. I had a lawyer draw out a contact for repayment of this loan. my question is how may days do I have as a loanholder, to but a mortgage or lien on this old home, to secure my money???
2006-07-23 16:07:28 · 2 answers · asked by Priscilla B 1 in Business & Finance ➔ Insurance
If your contract doesn't specify it, then it follows the local laws. If the local laws don't address the issue, then there is no time limit.
2006-07-24 01:44:46 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
I am employeed with a home owners insurance comapany and we write the insurance as soon as the loan has been approved so it will be in the paper work completed on the day of closeing,as far as putting a lein on the house, you need to check with the local court house, every state is different, you may or may not be able to do this, i some areas only laon companies are allowed to places leans on the home, I am not a lawyer but i would advise you to talk to one or at least go talk to the recorder of deeds in the court house they can tell how and when to do things.
2006-07-24 00:15:12 · answer #2 · answered by citisat 3 · 0⤊ 0⤋