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TJ, Esq.
TJ, Esq., Attorney
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I loaned a friend 7000.00 cash to help him complete his owner

Resolved Question:

I loaned a friend 7000.00 cash to help him complete his owner builder project. I was to be repaid after final inspection and financeing. House went into forclosure before final was given. The house is nearly complete and final will come soon as the bank progresses toward final. I have a personal note from my friend for this amount. He is insolvent so I need to collect my money at the time of forcloseure sale. How do I do this?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 4 years ago.

Hello and thank you for allowing me the opportunity to assist you.

Question: “I have a personal note from my friend for this amount. He is insolvent so I need to collect my money at the time of forcloseure sale. How do I do this?”

Answer: Assuming the friend refuses to grant you a lien on the property, you’ll need to sue him for a judgment. The judgment can then become a lien on his real estate. Of course, you won’t be paid until prior liens are satisfied. If the property is sold for less than or equal to the bank’s lien, then, unfortunately, you won’t get anything from the sale (though you can still go after your friend’s other non-exempt assets).

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification. Also, if you added details in the “Optional Information” or “Already Tried” fields that I did not address in my answer, then I apologize. Questions are often posted for the experts to answer prior to the completion of those fields. Just let me know that I missed something pertinent and I’ll be happy to get back to you.

.

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.

TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9587
Experience: Licensed to Practice Law
TJ, Esq. and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
My friend will grant me a lein. He wants to see me get paid. I just dont know what kind of lein to place
Expert:  TJ, Esq. replied 4 years ago.

Hi again.

You need to have your friend sign a security agreement that grants you a lien on the property. Since the note apparently doesn’t already provide such a lien, he should sign a new note that does grant you the lien (the note should specify the address of the property). You’ll then need to file a notice of lien with the county records office. You can find forms for both documents HERE and HERE. Note that the forms can be adapted as needed. You should also state that the second note is granted in exchange for a release of the first note (this will ensure that it meets the requirements of an enforceable contract).

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

.

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.

 

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