Legal Question in Credit and Debt Law in California
Personal Loan between two private parties using home as collateral
I have acquired a loan from a friend in the amount of $210,000. I would like to secure the loan with the equity on my home. What steps do we need to take? Can I fill out a personal loan note and add a clause that states that the loan is secured by my house? Will that alone be sufficient?
The loan is to purchase a highly sought property. As such, time is of essence. The ideal procedure would be one that can be accomplished in one or two days.
* Thanks! *
5 Answers from Attorneys
Re: Personal Loan between two private parties using home as collateral
You will need a note. You will also need a deed of trust containing the amount of the note and the legal description which must be recorded in the county which the property is located. Please contact me if you have any other questions.
Re: Personal Loan between two private parties using home as collateral
You need a note and a deed of trust describing the amount and terms of the note, as well as the legal description. The deed of trust must be recorded in the county where the property is located.
Re: Personal Loan between two private parties using home as collateral
You can accomplish this via a deed of trust. Call me directly at (619) 222-3504.
Re: Personal Loan between two private parties using home as collateral
You should sign the note, but you'll also need a "deed of trust" document referencing the note, amount, and property, and record that with the county recorder to secure the collateral. An attorney can help with drafting the deed of trust.
Re: Personal Loan between two private parties using home as collateral
You may contact me on this. I can help you accomplish this quickly and securely.
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.
