Legal Question in Credit and Debt Law in Illinois

repayment of a personal loan made to a friend

I have been loaning a friend money every month for the past two years. It has amounted to $60,000. She has a condominium that has a lot of equity in it. Can I put a lien on her condo for what is owed to me? There was no written loan agreement, it was verbal, but on each check I wrote the word ''Loan'' on the memo line.


Asked on 2/17/09, 6:49 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: repayment of a personal loan made to a friend

Sorry, you can't just "put a lien" on someone's property. You have two choices: Have her sign a mortgage, or get a judgment against her and record a memorandum of judgment. Keep in mind that you will be second in line to any other mortgages or other liens which may already be perfected.

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Answered on 2/17/09, 8:52 pm


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