Legal Question in Business Law in Florida

Re: Process to loan money subject to a lien in a houese that I own

What you are attempting to do is to place a mortgage on the borrower's real property just like a bank would do if it lent money. This is a perfectly legal and safe way to protect a loan.

Althought this is not a difficult process for an experienced attorney, I would caution you not to do this yourself. Any mistake may render the mortgage ineffective and defeat your purpose. I strongly suggest that you meet with an experienced real estate attorney who can prepare the mortgage, promissory note and record the mortgage in the public records on your behalf for a reasonable fee.

Scott R. Jay, Esq., 305-249-8000

Re: Process to loan money subject to a lien in a houese that I own

You are acting as a bank that is lending money to the borrower, and much like a bank, you want to make sure that you have security and guarantees in place. You need to have the borrower execute a promissory note and mortgage, which should be properly prepared by a real estate lawyer and properly recorded in the public records after execution. Seek the advice of counsel. I do not recommend that you try to do the work yourself because it may not be effective and may end up costing you much more than the reasonable fee a reputable lawyer would charge you. Good luck.

Re: Process to loan money subject to a lien in a houese that I own

Do it with a mortgage. Seek the advice of counsel so it is done right.