Creating a private mortgage without title company
I am in the process of lending a person money for renovating an owner occupied home. The home was recently bought for $50,000 cash and is free and clear.
I am trying to create a note for $15,000. I am wondering how hard it would be to create a mortgage for this note which in my opinion would reduce the risk . Based on the low amount of the loan, the owners equity in the home, and the owner's recent closing I do not have any particular need for getting a lenders policy or going through a title company. I would simply like to create the note and mortgage and record the mortgage myself at the court house.
I appreciate any feedback.
C. Gallegos