he (my husband) would obtain a 2nd mortgage on the friends
property. what needs to be recorded / what next? so far, nothings been signed (except the check signed by my husband to the friend).
2007-11-28 04:36:29 · 13 answers · asked by jennie 4 in Business & Finance ➔ Renting & Real Estate
take 1st or 2nd mortage to recorder?
2007-11-28 04:41:57 · update #1
Your husband didn't do a very smart thing here. While the friend promised him a second mortgage, your husband should have check ahead of time to insure that there was currently only ONE mortgage against the property. If there is already more than one, you're not going to get a 'second mortgage'. You're going to fall in line behind whomever already has a recorded mortgage.
You need an attorney to handle this properly. A mortgage document must be drawn up and signed by the parties involved, and then the mortgage used to procure your second (or whatever number) lien for mortgage against the property.
Did your husband bother to check whether he was lending this money based on equity in the property ? If this property should end up going to foreclosure, chances are good that you can kiss your $20K good bye.
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