Legal Question in Business Law in Illinois

Re: lien

Your lien, if you file and record it, will likely be second in line to the mortgage which is already recorded most likely. If the cost of the mortgage foreclosure {mortgage, court costs, attorney costs, sale costs} is more that the home is eventually sold for, you will get nothing for your recorded lien. This is the danger of loaning people money. You can file a lawsuit against him, but if he has defaulted on his mortgage, what are the chances you will get anything even if you win in court? This answer does not constitute legal advice because you are not as yet my client.

Re: lien

There are two ways for you to have a lien. although in all likelihood the mortgage of Bank of America would be primary and yours secondary. If he executed a mortgage in your name and you recorded the mortgage, you would have lien. Additionally, if you filed a lawsuit and he consented to the judgment, you would then have a judgment lien.