i put $24,000 on a credit card , to pull my brothers house out of foreclosure, its a duplex and i live there too , he's behind again , can i put a lien on the property before it goes into foreclosure again, to get my moneyback ? i'm paying my high interest card instead of rent right now, if we have to move , i cant afford anything with this credit card debt , what can i do ?
2006-11-06 00:15:07 · 4 answers · asked by ANTHONY L 1 in Business & Finance ➔ Renting & Real Estate
It's doubtful you can lien against his house unless he signs the lien documents.
And if the house if foreclosed on the order of payment would be 1. Tax Unit (government) 2. Mortgage company 3. Any other mortgage or home equity company and then liens.
Odds are in this time of falling house values you wouldn't get your full amount anyway.
Go see a lawyer with your brother. My only suggestion would be if you are not both living in the same side of the duplex, move in together and rent out the other side to get some money.
Good Luck
2006-11-06 00:25:38 · answer #1 · answered by Gem 7 · 0⤊ 0⤋
Liens are creatures of statute. Unless there is some statutory ground to record a lien you cannot. You apparently made an unsecured personal loan to your brother. That is not grounds for a lien.
Had you consulted with a lawyer before you did so he would have probably told you to have your brother execute a second mortgage which would have created a lien, or to have your brother "sell" you the duplex for the $24,000.00. Then you would at least have had some degree of control over the security for the loan.
In any event, such a lien would be inferior to that of the foreclosing lender & will be wiped out by the lender, unless the duplex sells for far more than the mortgage plus foreclosure costs.
Consult a local attorney.
2006-11-06 01:15:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Create a caveat and a trust deed to support it. But you still can't stop the house from being auctioned. If the new bidder is a cash buyer (and not taking a loan) then he is in no desperation of time. He will instruct you through the Land Office to remove your caveat or show cause. If you can show the trust deed (which should be registered in the Land Office before the auction) then there will be room for negotiation between you and the new buyer for value you want back.
Paying by credit card wasn't a good way at all because you are paying more interest than the original defaulted compounded interest of a housing loan.
My suggestion to you is, settle your credit card first and the housing thing later.
2006-11-06 01:07:55 · answer #3 · answered by catcher 3 · 0⤊ 0⤋
Actually, anyone can put a lien on anyone's property. I suggest you get some documents drawn up saying your brother owes you this money first, as it would be fraudulent to place a lien without clear reason for doing so.
The courthouse of city hall should be able to help you.
2006-11-06 02:23:06 · answer #4 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋