Ask Experts Questions for FREE Help !
Ask
    silver1950's Avatar
    silver1950 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Apr 14, 2008, 09:36 AM
    Placing a lien on property
    I have a promissory note from a relative who used a piece of property as the collateral, but I do not have the titile to the property. How do I place/file a lien on the property?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Apr 14, 2008, 09:42 AM
    Quote Originally Posted by silver1950
    I have a promissory note from a relative who used a piece of property as the collateral, but I do not have the titile to the property. How do I place/file a lien on the property?

    Do you have a Judgment or does the note specify the loan is secured by the property?
    silver1950's Avatar
    silver1950 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Apr 14, 2008, 09:58 AM
    The note specifies the loan is secured by the property
    tom5599's Avatar
    tom5599 Posts: 5, Reputation: 1
    New Member
    		  
    #4

    May 21, 2008, 05:33 AM
    There is NO other loan on the property.

    Here is what we have done.

    1. Written Promissory Note Signed by Borrower
    2. Security Agreement specifying the property to be used as collateral
    Signed by borrower and lender notarized.

    With these two documents can we send these to the county recorders office and have them filed?

    Would this give the lender a lien on the property?

    Thank you


    T
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
    Expert
    		  
    #5

    May 21, 2008, 05:45 AM
    Only the Security Agreement should need to be filed in the county recorder's office. That will give the lender a recorded mortgage and the property cannot be sold or refinanced without the mortgage being paid off.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Lien on property. [ 7 Answers ]

Hello, I won a judgement and put an lien on her property, so can someone tell me how she able to get refinancing on that same property without paying me the money that she owes me? Also, did the finance company break any law by ignoring the lien that was placed on her property? What are...

Property lien [ 2 Answers ]

I purchased my mobile home three years agp with a down payment. I am currently facing repossession. I own my own land which I still to reside on after the repossession. IF the lender places a lien on my land will they force me to sell it even though it is still my primary residence.

Placing a Lien on my own property? [ 1 Answers ]

I've been told that wealthy people place two liens on their own property, together equalling 100% of the value, to protect it should someone else want to place a lien on it. Is this correct? And how do we go about doing this?

Property taxes/lien on property [ 2 Answers ]

We have been taking care of the rental properties across the street from us for many years as the landlord lives in Arkansas. We have never been paid for these services. We repair and maintain these properties, and the last tenants we even collected the rent and deposited into the landlord’s...

View more questions Search