Can I place a lien on my wife's investment property if she owes me for the down payment?
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.
04/28/2009 |
Category: Civil Actions ยป Liens |
State: ALL |
#16343
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.
