Full question:
What form can I use to place a lien on a house for a personal loan given to the borrower to use as the down payment for the purchase. There is a first lien already for the first mortgage on the property. The house is owned solely by my wife. I loaned her the funds from my own personal funds. We reside in Illinois . The house in Charlotte is an investment property. I can add a promissory note to the lien if needed.
- Category: Civil Actions
- Subcategory: Liens
- Date:
- State: National
Answer:
A promissory note may contain a security agreement, using
certain property as collateral for a loan. One type of purchase money
mortgage is a mortgage given by the buyer of property to the seller to
secure the balance of the purchase price ("seller take-back" loans) and
secured by the property being sold. When a person owes a debt and fails
to pay it back, a judgment in the creditor's favor may result in a
judgment lien on the debtor's property. However, a home may qualify for
a homestead exemption under states laws, which vary by state, protecting
certain assets from claims of creditors.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
