Hypothetical speaking if you loan someone money, write up a contract and all that, they dont pay, and their property gets repossed is there any way you can get the money back, if you put a lien on the house?

 

Not sure if I completely understand the senereo, and I know laws vary from state to state. In Texas, you can put a lien on somebody's estate at the time of death, if you can prove a debt. Or you can file a complaint with the District Justice, or Justice of the Peace.

If somebody's property is being repossessed, wouldn't it be safe to say that there debt has exceeded there assets? Meaning its doubtful there would be anything leftover after liquidation?

How official is the contract, is it notarized?

 

thee is no contract and no loan, but you make a good point about their debt exceeding their assets.

 

When I lived in Pennsylvania, I remember reading that if somebody fails to pay a mechanic, a lien placed on the car.

 

yea I need to read over my real estate book, I know I went over this in class but I cant remember.

 

what class are you taking?

 

Hypothetical if you ever loan someone some money don't expect to ever see it again.

 

Laws vary from jurisdiction to jurisdiction. I don't know if I get what you are saying. It sounds like you are talking about a second mortgage. If you are not the primary mortgage on the property, you will receive proceeds of the foreclosure sale, in order of priority, to the extent that the property is sold in excess above what the primary mortgage is for. The problem with the scenario you present is that it doesn't sound like the secondary mortgage has been filed, which could affect priority if a third or fourth mortgage has been put into place on the property and properly filed.

If you aren't thinking of a secondary mortgage scenario and you are the only mortgagor, then you would be the one doing the foreclosing and would receive all of the proceeds of the property to the extent that you had a mortgage on the property.

 

i took principles of real estate last spring.

i get what your saying, and i am not talking about a morgage, more like a loan to the home owners. they already have 2 morgages on the property, its a rental. but the owners are behind on payments and are about to loose the property, so a friend is thinking of bailing them out and later buying the property from them..

 

You can't lien a lien