How to place 2nd Lien on a House fast ?
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I had several emergencies and my uncl eis beign nice enough to get a loan and loan me money (lost my job, had accident, lost a close friend and my mom had a stroke in under a month)
I want to make everything a solid business deal so i m asking him to put a 2nd Lien on my house and also am signing agreement to pay him 35% generous interest when I sell my house in a few months. (i dont mooch off family so wnat to give $$$ money being so nice to help)
Id get a heloc but am out of work for now.
He will help me but doesnt know how to easily and quickly record a 2nd lien on my house.
How to do this ?
And also where are good places for him to get a personal loan fast ? WaMu ?
How to place 2nd Lien on a House fast ?First of all, if you agree to pay him 35% interest, he's guilty of usury and can go to jail.
A personal loan can be obtained at places like prosper.com.
He can file a lien against your house, the easiest way is a workman's lien - just go to the court and file. He'll just need an agreement with you.
BTW, if he's so nice, why don't you just pay him and not make it a "solid business deal" - because when you do, he now has to pay taxes on that 35% interest.
If you're really nice, why don't you just give him a 35% interest in your house - that's easier, although you may have to pay a gift tax (depends on the amount).
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