I can loan $30 k to a guy doing a remodel. He tells me 6 months and he will refi. Is there a place I can go to get info on how to secure the loan? Is a lien really that effective? Would I technically be the second? What good it that if he stops paying me but keeps the first in terms.
Real estate lawyer in your state will help you with the paperwork and let you know the risks, etc. Foreclosure is different in each state.