Procedures to Collect on Second Mortgage Loan?

Question

Private Loan 20,000
Quit Claim Deed
Lease Agreement
Agreement to Sell

Answer 1

If you lend someone money as a mortgage against real property, you should go to an title company and let them record a lien against the property and record it. The lien then become public records as the title company will record it with the county recorder's office.

The lien will outline the conditions, interest, terms of payment amount to be paid each month. If the borrower fail to live up to the conditons of the lien then you may foreclose on the property.

You will find a title company in your local telephone book. Also once you call them you can inquire as to the fees they charge to do this recording. It is a must so you might want to tell your borrower that an added cost is the title and escrow closing agent fees.

Once it is recorded if the person you lent the money to decide to sell or refinance the house they have to either pay your second lien off or you subordinate to the new loan, but you make that decision.

A quit claim deed add you name to the property, and does not place a lien against the property.

A lease agreement simply means you agree to lease a property for a certain length of time and offer other conditions and terms.

An agreement to sell is an document indicating that you agree to sell an item or property to a person and it out lines the conditions of the sale as well as payments and interest if any.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

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Answer 3

Agreement to Sell and Lease Agreement. These are two different documents.