I have loaned a person money to purchase a condo with the proper…

Hello,

The only safe course of action is to have a mortgage properly prepared, executed and registered on title. Shop around for profesional fees. You don't need a mortgage broker. You need a lawyer or notary. Trust me, in the long run, it will cost you more to try and do this yourself, than to have it done properly.

Mortgages are very strictly construed. That means they have to be perfect to be enforceable. In a way, hiring a professional and paying a fee is also your insurance policy that it will be done properly. You will be able to sleep at night.

Go down to the courthouse, and walk the corridors. There are hundreds of litigants there any one day.

None of them want to be there. But there they are. I am confident that an overwhelming majority of them would not be there had they obtained professional advice before entering into a transaction.

The borrower should pay the fee, and the amount should be subtracted from the principal sum. You have probably already advanced the money, and you may already be in trouble.

I hope not, but you are making fundamental mistakes. Keep doing what you have been doing, and sooner or later, you will lose a very large chunk of money. Then the professional fee will seem like such a bargain.

My advice: Hire a lawyer and conduct your affairs professionally.

You can file a lien on their personal property if the owner has given the property as security for the loan. If you have obtained judgment, you can seize the personal property.

Good luck. Thank you for using JustAnswer.

CanLawyer.