George, Get a grip. Check out the market value. There may be nothing left to lien!!! Then if there is, since he will sign anything see if will deed the house to you and hold off on filing BK until you can get it sold and get your cash out if he just wants out. May not even need the second. However, the notes I’ve seen, you just write in what position the note and deed of trust will be. But, you need to check to see what of record on the property to know the answer to this Q too…
Bronchick or someone else HELPPPPPPPPPPPPPP? - Posted by George
Posted by George on December 23, 2000 at 11:58:22:
Hello I have given a friend of mine a little over 40K over the last 2 years. He has paid me a little money here and there but always needs a little more. I have talked him into giving me a mortgage on his property. My question is I have Bill Bronchicks Nuts and Bolts course that has a lot of his forms. In the past I have used it for my transactions when I was in first position lien holder. This guy owes the bank 220k on the first. I just want to secure my money some how. I think he is going to file Bankruptcy sometime in the future. I was reading the mortgage in his course and it has several clauses about lien positions and escrows and stuff like that. I know if I record the mortgage I will be in second position and that is fine with me. I just do not want to get down to a Foreclosure and the Banks attorney?s or the Bankruptcy Trustee goes for the throat. Any Ideas. He will sign anything I give him? deed, mortgage, limited power attorney and so forth. He just wants out of the House.
Re: Bronchick or someone else HELPPPPPPPPPPPPPP? - Posted by Rob FL
Posted by Rob FL on December 24, 2000 at 20:27:47:
Before getting the mortgage do a title check to make sure there is some equity in the property. I would definitely get at least a promissory note from this fellow. If he has to file bankruptcy, then ask him not to have your note discharged in the bankruptcy. If he is a true friend he won’t have your note discharged. If he does have it discharged, then he is definitely not your friend but simply a common thief.