If I help someone get out of foreclosure...

[oderfliw]

What is the name of your state? NV

If I pay all fees to get someone out of foreclosure - for a fee, of course, - how would I go about making sure that I got repaid?

- a lien
- secure the amount I front with a second mortgage
- put the property in some type of trust an liquidate it after the period has passed that was agreed upon for repayment.

I appreciate anyone's input.

 

[HomeGuru]

What is the name of your state? NV

If I pay all fees to get someone out of foreclosure - for a fee, of course, - how would I go about making sure that I got repaid?

- a lien
- secure the amount I front with a second mortgage
- put the property in some type of trust an liquidate it after the period has passed that was agreed upon for repayment.

I appreciate anyone's input.

**A: here is what i would do. First make sure that the money that you are loaning added together with the existing mortgage and other liens are way under the market value of the property. In other words, you want to make sure that even after the property is out of foreclosure, that there is lots of equity in the property. Next, make sure you do a lien check and a title report and be prepared to pay foreclosure fees such as legal and court costs etc. And lastly, yes, be sure that the borrower signs a mortgage note and the second mortgage is recorded on title to protect your interest.

 

[cathey1963]

In New Mexico

check to see if your state alows for collections of 2nd mortgages. In this state they are un inforcable.

 

[HomeGuru]

check to see if your state alows for collections of 2nd mortgages. In this state they are un inforcable.

**A: what the heck are you talking about?

 

[amortgageman]

"Un inforcable" definition means you cannot stick a forc in it. "Un inforcable."