What's the best way to secure a loan to a borrower who is purchasing foreclosed properties at the trustee sales? What pitfalls?

Asked about 2 years ago - Mesa, AZ

A friend wants to expand and needs money. I want to secure the money if possible against the property but there is no trustee's deed for days after the sale.

Attorney answers (1)

  1. Douglas Garth Edmunds

    Contributor Level 13

    Answered . There are a lot of options here, they are simply not the easiest to accomplish. If the friend has property that they own outright, it would be easy enough to use that property as the collateral for the money lent. You would want to be careful that you did not secure the money against an asset that is exempt - such as a homestead or a vehicle unless the equity was just right. The answer depends on what the real financial situation of friend is.

    Douglas Edmunds is in the business of helping people and companies file for bankruptcy protection. The bankruptcy... more

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