Legal Question in Real Estate Law in Indiana
lien against a home
i loaned my kids about 30,000.00 to help them keep their home----should they eventually lose the house to foreclosure---what leagal form do i need to make certain i get my money back from the bank when they go to resell the home? the home is in indiana but i live in illinois
2 Answers from Attorneys
Re: lien against a home
There's no way to "make certain" you get paid because there simply may not be enough (or any) equity in the home. But if you record a mortgage against the home for the amount you lent them, at least you have a better shot. Contact the Indiana State Bar Association and try to get an attorney referral for the county where the property is located. Good luck!
Re: lien against a home
It is unlikely you will get any money back from the bank if the house is sold through foreclosure. You MAY be able to get some of you money back if your children sell the house AND there is sufficient equity in the property. You would need to file a mortgage in the county where the property is located. Since the property is in Indiana, you should contact a real estate attorney licensed in Indiana to assist you with this.
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