I currently owe 167K, and the house was appraised for 210K in july. My friend is willing to lend me 15K, can I use my house as collateral? or put a lien on it for that amount to ensure him the money incase of anything? If so... how would i go about doing it?
2007-01-06 10:20:43 · 5 answers · asked by Stephenie 1 in Business & Finance ➔ Other - Business & Finance
I am in good standing on my payments ;)
2007-01-06 10:26:09 · update #1
when you apply for and get the loan the lender will put a lien against your property incase of default, its not neccessary for you to do anything,except sign the paper at closing that states this, when you sell the house the lien bal is paid off ,your house is considered collateral in this case for what ever amt that is due. in the case of your friend you should sign a prommisory note for the amount lent and it doesnt ven have to involve your house.
2007-01-06 14:31:26 · answer #1 · answered by crazy b 3 · 0⤊ 0⤋
Yoiu can't put a lien on your own house. Just give your friend a signed piece of paper saying if you can't pay him back you will sell your house.
2007-01-06 10:23:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
just go to a bank instead
get a second or third mortgage, only do it if you have to
maybe get some tenants to help cover the costs of paying it back, or instead of the loans
2007-01-06 10:24:16 · answer #3 · answered by kurticus1024 7 · 0⤊ 0⤋
Do you have a lawyer? Have them draw something up. Or you can talk to a Title Company; they can probably help you if you look them up in the phone book.
2007-01-06 10:24:01 · answer #4 · answered by moonman 6 · 0⤊ 0⤋
Get a second mortgage.
2007-01-06 10:22:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋