Legal Question in Real Estate Law in Massachusetts
Attaching a lien on someone's property
My son's home is in jeopardy of being foreclosed. He is in the process of selling it. He's divorced and has a son and simply cannot afford it. We are willing to give him some money to prevent a foreclosure, but would like to attach a lien on the property in the event it is actually foreclosed to protect our investment. Can we simply go to the registry of deeds? He is willing to allow us to do that.
2 Answers from Attorneys
Re: Attaching a lien on someone's property
The problem is not so much attaching a document or recording a loan document on the title. Your problem is that were he to be unable to pay at some future time, and the property is foreclosed then, you would be the last to get anything, if there is anything left to get.
Should you have any questions, contact me.
Re: Attaching a lien on someone's property
You can loan your son money and you can record a lien, but it will be in a second position to the first mortgage. This means if your son continues to default on his mortgage, they can still foreclose and you may not get paid.
I think your son should consider filing a chapter 13 bankruptcy. This should give him time to deal with the lender and sell.
I am not a bankruptcy attorney, but it may be the best alternative.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
